As I explained in the last update before the fed meeting we would get a promise of more inflation and zero rates to infinity. I also mentioned that we were overbought on the hourly charts and that we could likely see some more volatility September/October. The primary trend on the dollar (dxy) is lower, it will be difficult for stocks to fall substantially with a falling dollar and the bond market has been sideways. We have an election two months away, and I highly doubt they will let the bubble pop just two months before the election. The technicals are starting to look a bit bearish short term with a bear cross on MACD but in my view this remains a buying opportunity with record highs coming. Keep in mind metals are also getting hit here so what we need is a stimulus package from congress. Well I shouldn’t say we need that, the market needs that but the real economy needs the opposite.
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