With June in the rear view mirror and interest rates untouched, it appears we have some time for a little bit of a rally as depicted in the chart above. The above suggests a move to the of that BC leg as always. This will put the S&P roughly at 2155 hopefully to wrap up the summer quarter.
Now if interest rate news comes out in September as promised , I believe this chart to be an accurate prediction of future moments, but if we continue to pass up the interest rate hike , it is likely that the US markets will continue to consolidate till the first of the new year and so on until said interest rate hikes occcur.
What does this do to the currency market?
It is likely to see a deflation of the dollar as the equities markets consolidate because a neutral economy isnt going to be keeping up with the advancing economies in the world. After interest rates we should see an over of the dollar before a correction , and my advice is to wait for the top of that and ride the correction all the way down.
Please leave any comments weather you agree or disagree , I would love to get back to you and see what you all think as far as my charting or my opinions on the market.
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And lastly thank you for checking out this post market update, look forward to all your comments and as always Good Trading Everyone!