Why Worsening Covid-19 Data Isn’t Tanking the Market

The big Reality Gap of this past week involved the new coronavirus data and the market’s reaction to it.

As some of the U.S.’s most populated states report record numbers of positive Covid-19 cases, several governors have been forced to revise their re-opening strategies and protocols.

But even with this alarming new data, the market isn’t dropping precipitously as you might expect. In today’s market update video, I’ll explain why that is, and what’s keeping a floor under this market.

I’ll also show you the narrow box that the market has been trading in for much of July, update the important support and resistance zones to watch for a breakout up or down, and talk about what could cause the market to do so.

Click below to watch.

How Another Covid-19 Surge Could Actually Boost the Stock Market

A picture is worth a thousand words.

Fred R. Barnard is credited with coining the phrase 99 years ago to explain the usefulness of graphics in advertising. Here’s the ad he posted (strangely devoid of graphics…):

Today, we’ll see that a chart can be worth a thousand words – and perhaps many more dollars.

I hope charts count, because the chart I just saw convinced me of something that a thousand words couldn’t have: It turns out that Americans today, on average, are awash with money.

Record amounts of money, in fact.

Yeah, I found it hard to believe too.

With unemployment close to 20%, millions of people working remotely or at fewer hours, and thousands of businesses still closed because of Covid-19, you’d think Americans, as a whole, would be struggling in almost all measurable areas.

Now, don’t get me wrong, millions of Americans are struggling right now. I’m making efforts here in my hometown to help those who need some extra assistance. I bet that most people reading this are doing the same. Because as independent-minded as Americans are, we sure know how to dig in and help others when the need arises.

It was only two years ago that the Fed revealed that almost 40% of American households would struggle to come up with $400 to pay an unexpected bill.

That showed millions of Americans living paycheck to paycheck, even before the pandemic.

But one thing has changed this year, and it’s going to keep pushing this stock market rally higher.

It all comes down to that chart I mentioned…

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