A funny meme circulated among the technical cognoscenti last week: President Donald Trump holding a sign that says “Your technical analysis is no match against my tweets.”

That’s been the case at the market highs in August, and frankly it won’t be easy technically navigating future presidential tweets given so many concerning macro headlines and headwinds. Investors are worried about a slowing global economy, negative bond yields, growing concerns about the greenback, and regional crises such as Brexit, the Argentina market meltdown, and Hong Kong protests, to name just a few. And the newest threat is concern around systematic risk in the investment grade bond market, notably headed by General Electric (GE), the subject of a recent analyst report alleging accounting fraud.

With so many major macro wildcards looming, it isn’t surprising why investors remain risk averse. Therein lies an opportunity and why technical levels are likely to remain important cues for traders and investors. The S&P 500 index chart below illustrates the key levels I expect investors will react to in the coming weeks.

Important trading support exists at the August low at 2822 followed by the 200-day moving average at 2800, but the more important level is the June low near 2730. A br...

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