The US debt ceiling drama orchestrated and fueled by the dirtbag republocrats and demopublicans continues. An early June deadline is set by Treasury Secretary Yellen that used to be in Fed Chairman Powell's job. Yellen is currently using extraordinary measures to pay the US bills but says a default will occur in 2-1/2 weeks if the Congress (republican House, democrat Senate, democrat president like 2011) does not act to raise the debt ceiling.
This is the US credit card that needs an increase in its limit so the scum and filth can spend and waste more taxpayer money on nonsense. The incumbent party (democrats control the presidency and Senate) always cries and moans that the commitment for the current expenditures is based on decisions by Congress in the previous years so the debt ceiling should be automatically increased. The party that is only in partial power (republicans) or not in power will wax fear and worry that the US debt is unsustainable and spending limits must be maintained to keep the budget (of which there is no US budget due to the demopublican and republocrat incompetence) from blowing-up and destroying the full faith and confidence in the United States (it is already damaged and the US is a laughing stock due to stumbling, bumbling, mumbling and confused Alzheimer Joe steering the ship into the reef).
The crony capitalism system is on its last legs and it is fascinating to watch the final throes. All of you are going to get exactly what you deserve over the coming months and years; it will be shoved right down your throat until you gag on it. The 30 million upper middle class and elite privileged class screwed the other 300 million Americans over the last 5 decades and the game is over. It is payback time for the 300 million to screw the 30 million and during the coming years we will find out if the country survives. None of this is a surprise. Read world history. Crony capitalism is just another dirtbag ism like all the others that have been thrown into the dustbin of history. Human greed is the most powerful force and that will never change.
The SPX daily chart is forming a diamond pattern. Some say it is a diamond continuation pattern (price will continue in the direction that it comes into the diamond (in this case, up)) but other technicians will say it is a diamond reversal pattern. The truth is it is like a triple-top pattern where you can flip a coin as to the direction out of the diamond. The interesting aspect of the diamond pattern is that it comes to a crescendo, or denouement, exactly when the debt ceiling deadline hits in about 16 days (a couple weeks of so).
The purple multi-month sideways channel at 3800-4150 continues chewing-up bulls and bears and spitting them out. Keystone likes purple crayons because they taste the best. The blue sideways channel is also in play at 4050-4160. A decision needs to be made since price is at the top trend lines of both channels. It is time to either bounce or die.
The red lines show the neggie d spankdown previously mentioned. Price tops out with all the indicators sloping lower (negative divergence; the indicators are negatively diverging away from price that continues higher which verifies that price is wrong and is about to receive a neggie d spankdown, and it does). The SPX is directionless now floating along sideways waiting for Powell and Yellen to bring the tablets down from On High and tell traders how to trade the debt ceiling dilemma.
So that is the back drop; more sick sideways choppy slop. The best thing for the country is to let the pile of sh*t go into default. Perhaps it is the only way to wake up Americans to the nasty economic and life times ahead. Crony capitalism is taking its final breaths so why not sit on its chest and end the mess right now so we can see if something new can be formed, or, if the complete failure of the US occurs during the next decade or two. World history is fun.
The likely outcome for the debt crisis, since time is short, is for the scumbag republocrats and demopublicans to kick the can down the road extending the deadline ceiling to a new date perhaps this November-December period.
The next most likely outcome is a default. The republicans have slightly more leverage than the democrats and their only hope at controlling Sleepy Joe Biden's insane wasteful spending is to force their bill to resolve the debt ceiling, which includes spending cuts, through the Senate but crying Chucky Schumer will not bring the bill up on the floor (isn't it sickening?).
President Biden and House Speaker McCarthy are meeting this afternoon to discuss the debt crisis but it will only result in more bickering. Everything has become entertainment like ancient Rome; it is America's bread and circus days. Americans are fed-up with the corrupt politicians.
Do you understand that the two filthy political tribes place their agendas and narratives ahead of what is good for America or are you a stupid idiot? The democrats and republicans are two sides of the same filthy corrupt Washington, DC, coin.
The least likely outcome is an agreement on the debt ceiling right now, in real-time, since days will be required to write the text of the legislation. Choose your poison from the three outcomes. Once you understand that the US corrupt crony capitalism system is in its final throes, dramas like the debt ceiling will become more common place as will civil and social unrest and even attacks (hopefully not) on the privileged class's physical bodies and property (houses, businesses) will increase. This is Our Destiny created by human greed the most powerful force in humanity. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.
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