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POSITIONS: Long Consumer Staples (XLP); Short Industrials (XLI)

I’ve only heard 4 whispers about different flavors of interventions in the last hour. That’s just got to be good for someone, because it sure can’t be for confidence.

No trust; no volume. That’s the market you have to risk manage right now. Equity outflows remain a paramount factor when we get to the top end of either my immediate or intermediate-term range.

Across risk management durations, here are the lines that matter most: 

  1. Intermediate-term TREND resistance = 1365
  2. Immediate-term TRADE resistance = 1347
  3. Immediate-term TRADE support = 1319 

In other words, keep managing the risk of the range. It’s somewhat predictable. So are the whispers.

Just make sure to have a large cash position for that day when the whispering stops,


Keith R. McCullough
Chief Executive Officer

Whispers: SP500 Levels, Refreshed  - SPX