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The big Fed announcement/press conference/dot plot update isn’t until tomorrow, but let’s take a quick look at how bonds are doing in advance of the big day.
I confess I was getting jumpy about the strength bonds had been showing, including a pretty decent-looking basing pattern. Mercifully, a long-term trendline saved the day. Look how clean the repulsion is away from that trendline:
The Bonds segment of NFTRH 491 took a turn to tin foil territory to allow the letter writer to expose newer subscribers to his ideological views and thus, bias. #491 also got pretty talky on the precious metals as it did a thorough review of the sector’s status, with silver’s symmetry to 2016 a very key item. Hint: An ill-fated bounce like so many that have come after the 2016 top is not what we are looking for with the next rally, but it ain’t gonna be easy. You can check out this article for a good piece of the picture: Silver’s Equal and Opposite Symmetry to 2016 Indicates Future Sustainable Rally. On to the Bonds segment…
I’d like to put the bond segment right here after the US stock segment because bonds/yields are so important to sector selections in stocks. (more…)
ES never managed to break below weekly pivot support last week but the new weekly pivot moved over price and ES is now testing the monthly pivot at 2698, which is holding so far. SPX and NDX have broken their rally rising wedges and retraced 38.2% of them, and if we are to see a backtest here, which looks likely as I write, then the obvious target would be the daily middle band, now in the 2735 area.
