Welp, now we get to watch Powell and his cronies go into damage control. That should be nauseating. In any case, the ES is resting on critical support. Break it, and expect some angry tweets directed at the Silver Fox. It’s exciting.
What I’ve done below, with SlopeCharts, of course, is show five important cash indexes with three tints. The tints all mean the same thing: GREEN shows the bullish breakout; MAGENTA shows the failure which took place on Wednesday, and YELLOW shows the next important support level (which, if broken, leads to more weakness).
I remain aggressively positioned with 54 shorts and a 205% commitment level. I am thus wishing for calamity, but I’ll be happy to take persistent, vexing nuisances in its place.