With Iran threatening to close the Strait of Hormuz when the west starts to impose oil embargo on Iran, and the US threatening to open it if Iran decides to close it, the war between the west and Iran is getting closer by the day.
The Federal Reserve and the ECB are now using the looming war as an excuse to intensify their money-printing business because they need the money to support the collapsing banks and countries in Europe. Will the market continue to go up as a result of the continual money printing, only time will tell as the European banking system is fast imploding, which can easily overwhelmed the best effort of the Fed and the ECB. But as long as the indices can stay above key support levels, the current trajetory (uptrend) should continue.
The Federal Reserve and the ECB are now using the looming war as an excuse to intensify their money-printing business because they need the money to support the collapsing banks and countries in Europe. Will the market continue to go up as a result of the continual money printing, only time will tell as the European banking system is fast imploding, which can easily overwhelmed the best effort of the Fed and the ECB. But as long as the indices can stay above key support levels, the current trajetory (uptrend) should continue.
For Monday I will use 2340 as key support level.
- Above 2340 implies the current uptrend should continue, with next target up at 2400.
- Below 2340 implies a larger pullback down, targeting 2325, then if that does not hold, next support is 2300.
