SPX continues to be driven by a downtrend line that Fed commentators are determined to not let break on the upside.
Price action continues to be bearish because of Fed continued interference. Their interpretation of the 'red hot' job market is a complete fallacy, as everyone knows, and they reek of desperation in their desire to regain a credibility they have lost forever.
Flip-flopping guidance, wrong forecasts ('transitory inflation' anyone?), inside trading, panic money-printing during the BS 'pandemic', climate change and DEI ridiculous statements, etc.
The market has moved past peak inflation and volatility is extremely low (22 VIX during one of the craziest weeks due to 0dte options, quad-witching and FOMC).
We are not out of the woods given the above considerations, so remain nimble. This market is not going to crash as there is way too much hedging, but is not going to recover until they let it.
Price action continues to be bearish because of Fed continued interference. Their interpretation of the 'red hot' job market is a complete fallacy, as everyone knows, and they reek of desperation in their desire to regain a credibility they have lost forever.
Flip-flopping guidance, wrong forecasts ('transitory inflation' anyone?), inside trading, panic money-printing during the BS 'pandemic', climate change and DEI ridiculous statements, etc.
The market has moved past peak inflation and volatility is extremely low (22 VIX during one of the craziest weeks due to 0dte options, quad-witching and FOMC).
We are not out of the woods given the above considerations, so remain nimble. This market is not going to crash as there is way too much hedging, but is not going to recover until they let it.