Yeah, still a lazy summer market but today caught my attention. New all-time high in the SPX and a potential topping candle.
Short term, the waves are certainly “enough” to be considered complete. It still has that “rolling over” feel. the feeling that underneath it all smart money is being passed off to dumb money (retail). And then the rug gets pull out.
Is the dollar chart finally coming alive with the passage of the “Genius” act?
A “crack” in the CPCE. Noteworthy. This usually starts pointing up prior to actual prices moving down. That could be the case.
And just as I predicted several months ago, The SPX was headed for new All-time highs and the DOW would struggle to do so. That situation technically remained so far. That is bearish that the other indexes are cracking new highs daily and the main market is some 1000 points beneath…
Just incredible!
Powell didn’t cut because the market sets the rates not the Fed. Had the 3- and 6-month yield move beneath the Fed window, the Fed would have followed. It’s really that simple. The market moves first; the Fed follows.
