Powell did the best he could, but it was always going to be lose-lose proposition for the July rate cut. With no Fed cow bells and almost zero chance of a trade deal, the negative cycle is catching up with the ESA. I have posted in recent days on how the FANGs and chip stocks are breaking down, why continue to pay top dollar in the belief that the ESA will continue to defy the negative earnings cycle???
We do have trend line and SSR support levels to work through before calling for a breakdown but the writing is on the wall. Upward sloping wedges almost always break downwards.