Markets are now approaching a distribution phase and potential topping formation as vault-targeting funds complete their buying and the initial correction from overbought conditions (300 S&P points above the 50-day moving average) has occurred; if resistance at 6450-6500 holds and prevents further upside in August, September-October seasonality could produce deeper market correction.

forecastpending

Speaker

Patrick Szna

Evidence Quote

We are transitioning from the bull phase into much more of a distribution phase...if we see resistance around 6450-6500 throughout August then September-October could bring a deeper market correction [45:58]

Source

MacroVoices #492 Daniel Lacalle: The End of American Exceptionalism?Macro Voices
Created: 8/11/2026, 7:39:51 AM

My Notes

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