Every significant pullback in the past year has began w/ CMF on the hourly dipping into negative territory. This alone of course doesn't guarantee anything, but significant that this is the first time in 2 months this has happened...
I still don't think we see any sustained bearish momentum until they announce some kind of trade deadline outcome... way too many ppl still holding or buying waiting for that yuuuge O. However we did get a brief preview of what will happen last night in world markets. News about some "memoradum of understanding" came out (3 months later and they're finally working on comparing apples to apples, wow such progress), the ES spooged oh so close to 2800 before speculators around the world proceeded to sell off the news.
Bulls want to believe the economy is doing great, yet don't want the Fed to think it's good enough to raise interest rates. Bad economic data? Fake news for me, but should be real news for Powell.... It's an unsustainable premise currently overshadowed by the trade talk media circus that once dissipated, will reveal that there's no more cake left... because the bulls have already eaten it.
I still don't think we see any sustained bearish momentum until they announce some kind of trade deadline outcome... way too many ppl still holding or buying waiting for that yuuuge O. However we did get a brief preview of what will happen last night in world markets. News about some "memoradum of understanding" came out (3 months later and they're finally working on comparing apples to apples, wow such progress), the ES spooged oh so close to 2800 before speculators around the world proceeded to sell off the news.
Bulls want to believe the economy is doing great, yet don't want the Fed to think it's good enough to raise interest rates. Bad economic data? Fake news for me, but should be real news for Powell.... It's an unsustainable premise currently overshadowed by the trade talk media circus that once dissipated, will reveal that there's no more cake left... because the bulls have already eaten it.
Comment:
hourly CMF once again back in negative territory. Today's rejection from 281 shouldn't surprise anyone. What's interesting to me is that it gapped over but then closed below the TL from the 2009 bottom.
Comment:
That TL from 2009 I mentioned in the last post rejected price movement thrice today...