ProtoCosmos

Economic update: 1. Average rate on 30Y mortgage now 7.3%, highest since 2000 2. Mortgage demand at 25 year low 3. Wells Fargo mortgage business down 90% 4. Credit card debt hits $930B, higher than 2008 5. Average American’s savings down 72% this year We are in a recession.

BREAKING: The average mortgage rate in the United States has just hit its highest level since 2008, at 5.9%. Meanwhile, housing prices are down less than 5% from their peak. The housing market will be joining the bear market soon.

The most important level to watch is the 4080 low in $SPX from August 2nd. This marks the previous higher low and the line in the sand for bulls. If 4080 is broken, the first lower low of the relief rally forms. This would invalidate the uptrend and give bears control of $SPX.