This week we learn if the Fed thinks there is an “I” in inflation. The check engine light is still flashing over the air support at 404. One scenario goes, after the meeting the market will move lower. That exact scenario is a bit obvious, but some kind of downward probe wouldn’t be surprising. The worst that can probably happen quickly is into the top of the congestion at 395. Most likely there will be swing long opportunities at 417 – 420.
At the same time it’s not worth selling anything here… Never short a dull market.
Cathie Wood and the Exquisite Art of Tail Gunning was published today.