Out of all longs (including two taken 12 hours prior to this post).
I really don’t like Monday’s (today) candle, particularly in the context of Friday’s candle and last week’s close. Late buyers are sandwiched and that is a source of selling pressure.
In the broader market, breakevens (purple) look like they’re about to roll over. With the Aug 10 CPI (8.5%) printing below the median forecast (first time in 18 months that has happened!), a dire global economic outlook and oil now trading well below $100, the path of least resistance for inflation expectations is lower for now.
My long-term outlook has not changed but I am short here, will reevaluate at 19.83.
I really don’t like Monday’s (today) candle, particularly in the context of Friday’s candle and last week’s close. Late buyers are sandwiched and that is a source of selling pressure.
In the broader market, breakevens (purple) look like they’re about to roll over. With the Aug 10 CPI (8.5%) printing below the median forecast (first time in 18 months that has happened!), a dire global economic outlook and oil now trading well below $100, the path of least resistance for inflation expectations is lower for now.
My long-term outlook has not changed but I am short here, will reevaluate at 19.83.