That seems like it would be a beginning of curtailment of rate hikes though wouldn't it? I don't think they could just turn it off as that would signal that the economy is in trouble. This may be just fine.
We went down and tried 30 area again. It is becoming a stronger support area however could be gotten thru.
certainly not great action for bulls at the moment unless looking for bargains. Where we end of the day will be important. I do still like the pullback for bounce.
The Fed is set to raise rates so long as there is no economic disaster sighted on the horizon. A pullback in the housing market or stocks or whatever is not considered disastrous... the Fed have been talking up 'overvalued asset prices' for over a year now and has made it a literal part of their mandate to scale them back. In other words, stocks drop and the Fed says 'amen'. I think once the market digests this increase, it will just keep driving upward like it has for the last 10 years. There's nothing in the near future that I can see to hold this market down that hasn't already been happening for the last 2 years. Tldr still bullish, sitting on the sidelines waiting for signs of sustained strength.