Weekly Briefing 8/14/22 – The Forecast

Weekly Briefing 8/14/22

Weekly Briefing 8/14/22

The major indexes are still set for one final major decline to finish out the correction of 2022.  The pictured bear market trend line will not be cleanly broken before this decline occurs.  At most, a brief break could occur to trap investors into thinking this bear market has ended.  However, a powerful crash down would then ensue as the market makes its final low towards the end of this month.  SPX is now 3% higher than our projected top.  By the end of this sell-off over the weeks ahead, we project SPX to be 15-20% lower.

Last Week’s Economic Data:

ISM Manufacturing PMI:  Beat

JOLTs Job Openings:  Miss

ISM Non-manufacturing PMI:  Beat

Initial Jobless Claims:  Miss

Non-farm Payrolls:  Beat

Unemployment Rate:  Beat

Upcoming Economic Data:

Wednesday:  Core CPI, CPI (MoM), CPI (YoY)

Thursday:  PPI, Initial Jobless Claims