The indexes are at a vital point on many time frames with horrible breadth and increasingly historically bad economic data. But even more troubling is how the Dow Utilities looks right now. I pointed this out months ago, but it's been leading the greater market by a day or so and has made the trend movements very clear while trading within a range the looks suspiciously like a huge bearish pennant. It tagged the bottom of my trendline perfectly a couple weeks ago and retook the key SMAs, which indicated for me to go long for the time being, but has now bounced down and will likely have one more attempt to stay above an extremely critical level.
With the bond market, precious metals, and eurodollar futures indicating something big, I can only surmise that the FOMC meeting this week could be a catalyst like it was at the start of March and back in May 2018. JPow knows it too, with his increasingly ridiculous comments. He's getting desperate. Is it only by chance the all of FAANG has their earnings right after? Maybe lol. We could see another rally, but just be warned that the risk is actually to the upside right now.
With the bond market, precious metals, and eurodollar futures indicating something big, I can only surmise that the FOMC meeting this week could be a catalyst like it was at the start of March and back in May 2018. JPow knows it too, with his increasingly ridiculous comments. He's getting desperate. Is it only by chance the all of FAANG has their earnings right after? Maybe lol. We could see another rally, but just be warned that the risk is actually to the upside right now.
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Might see a "perfectly" timed Big Tech squeeze instead here
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Front end of the yield curve is collapsing, very, very bad sign.
US1Y: -5.55%
US2Y: -8.46%
US3Y: -8.18%
US5Y: -4.25%
US1Y: -5.55%
US2Y: -8.46%
US3Y: -8.18%
US5Y: -4.25%