Well it looks like the Fed has again managed to head off any kind of correction (except in tech) ahead of the FOMC meeting. It’s after the meeting I’m interested in. I want to see if the market can break lose and generate at least one failed daily cycle and something we can identify as a true ICL (Intermediate Cycle Low) by mid July.
So everything up to this point is kind of meaningless. This has all been artificial to give the Fed cover to raise rates again. The end of the week and next few weeks are the important ones. We’ll have to see how the markets respond to today’s potential rate hike.