Bearish bat/shark setup here implies a retest of 2940 if we can't break 2970 soon. I don't expect it to during futures trading, and I don't think RTH will push it past that point either without the retest... Still looking like distribution and MFI looks weak.
That said, I expect the "good trade news" to keep pumping for another 2 weeks to get the market believing all is right in the world. It wouldn't surprise me at all to see 3000 in July. Make no mistake about it tho.... there is zero chance the Fed will cut rates in July if the market is cresting at its ATH. That chance is even less now given all the optimism surrounding trade.
What's interesting to me is the fact that the financial media has duped the retail investor into thinking believing that a rate cut is good for the market... If anything a rate cut given where we are now would be the single most definitive sign that a recession is on the way.
That said, I expect the "good trade news" to keep pumping for another 2 weeks to get the market believing all is right in the world. It wouldn't surprise me at all to see 3000 in July. Make no mistake about it tho.... there is zero chance the Fed will cut rates in July if the market is cresting at its ATH. That chance is even less now given all the optimism surrounding trade.
What's interesting to me is the fact that the financial media has duped the retail investor into thinking believing that a rate cut is good for the market... If anything a rate cut given where we are now would be the single most definitive sign that a recession is on the way.
Comment:
That chart looks like ass... here's a better look @ the harmonic setup:
Comment:
Looking at the chart some more and I think this is a more probably take on trajectory for July.
