We popped early on an inline CPI number, the talk is now that Powell will pause. Whether he cuts or not remains to be seen, futures are pricing in a lot of cutting later in the year now. Regardless, none of that stuff matters to me, it’s all about the price action and right now, we’re still in this no man’s land as you can see below. We’re back over the 2022 downtrend but below the October 2022 uptrend. Pretty clear to see how the confluence of moving averages overhead rejected us today and now we’ve got stiff resistance above. Until we get back over the old uptrend or below the old downtrend, we’re just going to have no direction.
Oil(below) fell nearly 5% today what a move to $71.xx as I type this. Oil has been broken for so long, hard to remember how powerful it’s bull market was last year. The XLE had a 4% intraday reversal off highs.
Trends
I’ve decided to add in the 1 week trend from my database as well, this way you can see the 1 week, 2 week, and 1 month trends to get a better picture on what’s seeing bullish/bearish action to plan your trades around. I went with this so you can see the clear cut leader on all timeframes which has seen a ton of action, mostly in the past week………
1 Week
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