This is Macro Voices with hedge fund manager Eric Townsend, the free weekly financial

podcast targeting professional finance, high net worth individuals, family offices, and

other sophisticated investors. Macro Voices is all about the brightest minds in the world

of finance and macroeconomics telling it like it is. Bullish your bearish, no holds

barred. Now here are your hosts, Eric Townsend and Patrick Sarresna.

Macro Voices episode 337 was recorded on August 18, 2022. I'm Eric Townsend. This episode

of Macro Voices was made possible by respect energy, a leading European trader of renewable

energy and a one-stop shop for all green energy investors. Agricultural commodities expert

Lee Gehring joins me to talk about the global food crisis in this week's feature interview.

Lee says that emerging markets have discovered meat and that creates an exponential demand

for grains. We'll discuss long-term trends in grain demand, the present fertilizer shortage,

and much more. Then be sure to stay tuned for our post-game segment when Patrick's

chart deck will be tour of the commodity markets. And I'm Patrick Sarresna, Eric, let's get

to that S&P 500. Well, not too much to say there. I mean, it really feels like a little

fake it to the upside, a little fake it to the downside and we're pretty much not stones

throw away from where we were last week. Looks like going into this option expiration

we're pinned into the 4,300 level. What do you think coming up next here for the markets?

I have absolutely no idea what's next, Patrick, because this equity market doesn't make any

sense to me. But hey, 200-day moving average is a significant technical resistance level.

We just barely kissed it the other day and now we're finding a little bit of resistance

there. Makes perfect sense for the market to stop here. The question is whether we're

going to break through that level and continue higher or not. Seems like a perfectly logical

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