Supply chains continued to be stretched and stressed, and this is not good for the economy. Quite frankly, I think that a lot of people are starting to subscribe to the “bullwhip effect” theory which suggests that we are going to constantly be in a state of flux as to the health of the economy. In other words, there’s nothing that’s remotely close to being certain.
The 3800 level has offered a little bit of support during the day, but if we manage to break down below there then I think it opens up the possibility of a move down to the 3700 level. This would not surprise me at all, as we were there just about two weeks ago. This is a downtrend that has a lot of things working against it, so it’s not a huge surprise to see sellers come back into the market as they did during the previous session.
will have to step in and save everyone sooner or later, but I think that’s much further away than a lot of people anticipate.is currently sitting at the 4000 level and dropping. It is because of this that I will be paying close attention to the 4000 level if for some reason we get there soon, but I just don’t see that happening. Wednesday was a very choppy and sideways session, showing a severe lack of conviction as to where we might be going next.
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