Following Fed Chairman Powell's speech today, the SPX rallied up to its downtrend line on the weekly timeframe, as shown on the following chart.
As I mentioned in my post of August 21, the SPX is still in a technical weekly downtrend until it makes a higher swing high and swing low. So far, it's made neither.
Its 50 and 200-week moving average zone of support and resistance is narrowing. A breakout/breakdown and hold above/below either moving average may forecast a longer-range projection of trend on this timeframe.
Many years ago, my Marketing instructor stressed the importance of following the classic marketing rule:
"Lead, Follow, or Get The Hell Out Of The Way!"
Florida Governor Ron DeSantis (R) proved, in his big midterm re-election win last night, that if you follow that rule, you will win...BIG...as a credible leader who achieved great results during his first term.
He's definitely a Republican rising star...one to watch in the years to come...2024 Presidential election candidate? 👀
N.B. Judging by the mixed results in the House and Senate races, I'd say it's time for former President Donald Trump to cease his crass name-calling of fellow Republicans, stop his incessant whining about losing the presidency in 2020, and pass the baton to someone else as Republican party leader.
It's closing time at the political watering hole and his party-time is over. 🕛
Notwithstanding the fact that he lost the Republican House and Senate during his term, along with his 2020 Presidential bid, no doubt, his supporters are grateful for his many contributions during his term in office, listed here and here.
So, he should leave it at that and let the Republican party regroup with fresh ideas and talent...without him at the helm.
Otherwise, he will look like an egotistical fool, should he seek another term using his unseemly bombastic tactics...and will drag the Republicans down in flames, with him. 🔥
Donald Trump announced yesterday that he is running forPresident as a Republican candidate in 2024.
No doubt, he will face other Republican challengers in the preceding primaries, so he may not get that chance, if defeated.
Something tells me that this will divide the GOP and their voters...at a time when it's vital that the party sit back and reflect on what went wrong in the midterms and, then, fix the problems and issues SOON, as well as formulate and pursue actual policies and an agenda, from now until the 2024 Presidential election, one that will appeal to minority groups, women, independents, as well as Republicans.
Senator Lindsey Graham
N.B. By the way, a federal ban on abortion will NOT win votes from women, Senator Lindsey Graham!
* UPDATE Nov. 18...
US House seats won, so far...vote count still underway...5 of 435 seats still undecided...Republicans have the majority (at 218, so far).
Wait until PresidentBiden stops tapping the US Strategic Petroleum Reserve (now at its lowest level since 1984)...a pre-election gimmick/stunt that will, likely, backfire and have major national security implications/consequences, at some point...possibly, sooner than we think.
