Stocks fell from overnight highs on higher than expected unemployment claims this morning, and a much worse than expected Philly Fed. But as one financial wiseguy said on Bloomberg, who cares about manufacturing? Probably does not care about jobs either.
A test of the pivot point support is underway. I would expect it to hold and perhaps recover after the Europeans have gone home to their folks and blokes, but if it gives way, which would be a clear break of the lower bound of that 'pivot channel' then its a new game, as they say.
"The world needs a new generation of policymakers who don’t hobnob with billionaire speculators and who understand workers’ concerns. Unfortunately, the change will not come smoothly. Political turmoil in the West is very much about this. A heavy price has to be paid to bring about the change."
Andy Xie, SCMP 21 Sept 2018