Business
Just like Cathie Wood, we sell EM China at the bottom. Goodbye for now emerging markets.The S&P looks bulletproof right now, which is why Goldman raised its year end guidance to 4,700 (from ~4,440 now). That's never a good sign. What's more, mixed macro data stokes the ongoing debate around inflation and Fed policy response. Friday's favorable jobs report has the homies on real yield talking of a fall taper.Returning to the near term, underneath the S&P composite, the Nasdaq 100 is testing overbought territory, which might cascade into Carter Worth's expected seasonal sell-off. Aug-Sep-Oct is the worst 3 month period on average compared to other periods. Ethereum might have rallied this week as EIP 1559 triggers a frenzy, but what do the charts say ? Technicals suggest ETH is overbought, but it is eking out higher highs. We wait to see if resistance will stay broken. However, our dream of $1,500 to $1,600 is dead and buried. Bitcoin too edged above it's near term resistance, testing overbought territory. The upshot in Crypto: Wait a couple of weeks to see if we oscillate back to predictable lows. Overhead supply might put a cap on the surge.