Well, after the past two days of frantic Powell-always-has-our-back buying, perhaps we’ve exhausted ourselves. Again. Here’s the /RTY overnight:
I hope this is merely another time the victim pops his head to the surface for some air before sinking again. It certainly seems to be the pattern lately.
Stepping back yet farther, to a daily basis, you can see we’ve been range-bound for the entirety of the year 2021 in match between fantasy (endless free fiat until the end of time) and reality (doomed and doomed can be). We hit the bottom of the range early on Monday and, yes, in just two days, rocketed back up to the midline.
Oh, and on an obliquely-related note, the bull market in despair and hopelessness in the country hasn’t seen a downtick yet.