I have been waiting for that all week, but it just keeps going down. Short squeezes in euro land have not appeared on our tape. A massive pivot (down) is cocked and locked
IMO if there is a bounce into NFP, it has a good chance of being sold off, NDX doesn't transpire any confidence. Price is near previous support which makes it a good long entry, but weekly now trades below 200 SMA and unable to get back above it.
(Bloomberg) Fed voices St. Louis Federal Reserve President James Bullard said he thought rates are getting near to high enough to temper inflation. Bullard was one of the most hawkish members of the Fed committee last year, although he’s not a voting member of the committee this year. Esther George, Kansas City Fed President and also a non-voting member in 2023, said she thought rates should stay above 5% well into 2024 and should stay there "until we get the signals that inflation is really convincingly starting to fall back toward our 2% goal." Atlanta Fed President Raphael Bostic, another non-voter this year, also spoke and emphasized there was "much work to do on inflation."
Dollar currency pairs have been strengthening this morning so there's that. Maybe they know or maybe they are just guessing like everyone else.
Looks like a dip and rip is unfolding. Pushing it down into the NFP then maybe a rip. Makes for a better push up.