The market (index futures, gold ...) will most likely move. which direction? up or down? Who cares. Just trade what you see from the chart.
%% SPY,QQQ & related derivatives down ticked a bit premarket; overall still nice uptrend for those/most measures . I would have preferred a bit more downticking for QID profits. See what happens by close. I could understand why they exclude cheap + seasonal farm labor, but why exclude federal workers, non profits,[private households excluded, maybe too hard to moniter]??
Not at all what is happening. Inflation is still dropping, and any residual rate hikes are deeply in debate about whether they are necessary or in fact harmful. I have no idea what data you are looking at. Go ahead, pull up a one year chart of Inflation in the US and Canada. The trend is even stronger in Canada, inflation dropped to 3.4% in May ( from 4.4% ) not far off the end of summer target of 3%. There are growing opinions that the Bank of Canada should no longer raise interest rates that it's already exceeding the need.
Turns out the volatility is so dud, nothing happened. It's absolutely ridiculous in a week with TWO market-moving events, the FOMC meeting minutes and NFP and the market has barely moved an inch.
%% QID is moving past 2 weeks mostly down\ so something is trending up. QQQ + SPY are a bit sideways, short term; medium + longer term, good uptrends. Oil below $150\ below $75; eggs are down a lot , but that's seasonal, spring + some summer are egg HI volume season.
Everything was baked in. The meeting minutes held no surprises, and the weak number today totally negated the less-impactful ADP numbers from yesterday. You're seeing the effects of today's print manifesting now in the afternoon session. Up. Earnings starts end of next week, should be an interesting pull-push between estimates and actual.