Europe Wakes Up, Looks at Screens, and Starts Hitting Bids
Well, that was resolved quickly. The DAX hit a new 3-month low, as Europe returns from its August-long holiday, takes in the information, and eureka! Nothing has changed, except that in the U.S., employment numbers are woefully below the +500,000 jobs necessary to turn the ship around.
As long as the DAX continues lower, and the issues in Europe remain unresolved, the S&P 500 has little hope of sustainable upside. Closet technicians look at the daily charts and say...no meaningful support until 1120, another 30 handles lower.
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