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 338 was recorded on August 25th, 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. Santiago Capital

founder Brent Chancen is back as this week's feature interview guest. Brent and I will

take a deep dive on the US dollar. Why it didn't crash the way so many people predicted?

Why it's been so strong? And why Brent says that strength is set to continue. Then be

sure to stay tuned for our post-game segment when Patrick's chart deck will be titled

Talking Charts. And I'm Patrick Sarresna, Eric. Let's dive right into the S&P 500. After

a solid almost two months of strength off of the June low, it was a relentless rally that

was very overbought on the short term. And while finally took a breather, we took about

150 points off of the top. But I guess the question on everyone's mind is it something

more to it? Is it just a market pullback? Or is this the beginning of another bear market

leg? What's your take on the markets? And what are you thinking?

Well, it's all been pretty predictable so far. As I said last week, we were just hitting

the 200 day moving average, a major resistance level. That proved to offer some resistance.

We saw a pullback. So is what we're seeing now a pullback before a move higher above the

200 day moving average? Or is it rolling over to move down toward new cycle lows? Well,

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