I hope you listened B1. There is nothing to fundamentally drive this market higher for now. Ignore the TV. The banks are fine, but the 2% inflation goal still means higher for longer. Right back where we started. In a downtrend until earnings season starts. And then we'll go from there.
Well todays 3:00pm crash wrecked it! No rally tomorrow on SPX, market stuffed once again by Fed whom I ASSume is responsible, have't read the news yet. However there is still hope on the horizon, but I reckon another 1-2 weeks away. Nasdaq should recover quicker.
It was really ~3:20PM where it went bezerk, AFTER Powell finished speaking. Almost as if the algos were looking for something for him to say in the QA which he did not say.
We made our second foray outside the megaphone top line today before coming back inside. Looking for a regroup and another attempt at getting outside and staying outside. No real damage done to the long term uptrend today.
This looks like bottomless pit. I am on the road tomorrow, no trading. Anyway, let me see what 4 and 8 weeks Ts are trading at tomorrow. look at the bigger picture, ought to use 4 hours vp to see the poc.
Shoot me if I'm wrong, but I seem to recall there were a lot of expectations for a strong rally on this FOMC statement? Surely that did disappoint. It may not have been in this thread, though.