SPX Jamie Dimon: economic hurricane coming our way!
Updated
Jamie Dimon, the JPMorgan Chase CEO:
"Right now it's kind of sunny, things are doing fine. Everyone thinks the Fed can handle this." "That hurricane is right out there down the road coming our way." "We just don't know if it's a minor one or Superstorm Sandy. You better brace yourself."
Jamie Dimon is predicting an economic "hurricane" caused by rising inflation, interest rate hikes and the war in Ukraine.
I have 2 scenarios: the most optimistic is that SPX formed and inverse head and shoulders chart pattern and it will close the year at the same level that it started it, around $4900.
And the worst case scenario is if Jamie Diamon is right and we are going lower after this bounce to the resistance.
In this case, the first strong support is $3400.
I see that it go lower only if oil stays higher than $140 - 150 for this year, then this is the strongest sign of a recession or if China invades Taiwan.
Looking forward to read your opinion about it.
"Right now it's kind of sunny, things are doing fine. Everyone thinks the Fed can handle this." "That hurricane is right out there down the road coming our way." "We just don't know if it's a minor one or Superstorm Sandy. You better brace yourself."
Jamie Dimon is predicting an economic "hurricane" caused by rising inflation, interest rate hikes and the war in Ukraine.
I have 2 scenarios: the most optimistic is that SPX formed and inverse head and shoulders chart pattern and it will close the year at the same level that it started it, around $4900.
And the worst case scenario is if Jamie Diamon is right and we are going lower after this bounce to the resistance.
In this case, the first strong support is $3400.
I see that it go lower only if oil stays higher than $140 - 150 for this year, then this is the strongest sign of a recession or if China invades Taiwan.
Looking forward to read your opinion about it.
Trade active
Interesting how this chart is playing out. Support and Resistance is a real thing!
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RESULTS bit.ly/topgx
1%/DAY: bit.ly/3F56VTW
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