6/18/26 Recap

The SPY gave us a small fakeout yesterday closing below the 21 ema and gapping up right back over it this morning. This was an interesting 4 days post the Iranian deal, you could argue we’re in a small bull flag here as long as we keep holding over the 21 and if the Mag 7 ever decide to participate we can really move up alot. Warsh was very hawkish in his tone yesterday, but he always has been, again it comes down to does he really want to upset the President and actually fight inflation? That would be great but I still have a hard time seeing him defy the person who put him there. So for now, I won’t comment on what he may or may not do, we just have to wait and see. We are still a month out from earnings season, so not much exciting here in the market, oil keeps going lower which is a big win for inflation but the market has yet to make a new high in 13 sessions so this very well could be a lower high forming unless we make a push for new highs soon.

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