In my Disc post yesterday morning I stated that the cryptos/stocks were at RESISTANCE while the DXY was @ the 50SMA SUPPORT.
This was one of the reasons why I anticipated bad news from the CPI data.
Not much has changed at this point.
I said last week that I thought we'd test the topside resistance on DXY @ $111 - $112 sometime around the FED FOMC meeting & rate raise Sept 21.
Now that we know inflation is still running hot, the FED has reason to go for an oversized rate raise, which would be mega bullish on the DXY.
If you do one thing, stop listening to emotionally driven hype! Anyone telling you that the DXY looks bearish or that the FED isn't going to use this opportunity to go for a big hike is NOT looking at the charts at all.
I scrolled through Twitter all day on the 12th & all I saw was people spreading rumors about inflation coming down.
I then looked at the charts, which looked toppy AF, and was honestly shocked...
So what's my point? Next week we're going to do a DEEP DIVE into the charts ahead of the FED meeting.
"Show me the charts, I'll tell you the news."
This way we can take some of the gambling out of this game and be as objective as possible.
Stay tuned.
This was one of the reasons why I anticipated bad news from the CPI data.
Not much has changed at this point.
I said last week that I thought we'd test the topside resistance on DXY @ $111 - $112 sometime around the FED FOMC meeting & rate raise Sept 21.
Now that we know inflation is still running hot, the FED has reason to go for an oversized rate raise, which would be mega bullish on the DXY.
If you do one thing, stop listening to emotionally driven hype! Anyone telling you that the DXY looks bearish or that the FED isn't going to use this opportunity to go for a big hike is NOT looking at the charts at all.
I scrolled through Twitter all day on the 12th & all I saw was people spreading rumors about inflation coming down.
I then looked at the charts, which looked toppy AF, and was honestly shocked...
So what's my point? Next week we're going to do a DEEP DIVE into the charts ahead of the FED meeting.
"Show me the charts, I'll tell you the news."
This way we can take some of the gambling out of this game and be as objective as possible.
Stay tuned.