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Experts said that by saying nothing about rates she is confirming the September start of the balance sheet reduction. Can we call that money burning? I mean what is the opposite of printing money.
Last week at the bottom of the drop I drew some fibs, I have the ES 61.8% retrace at 2453.34 which we kissed on Tuesday in the closing hour. I have today's high as 2453.50. I also have articles that say fibs are not meaningful BUT retracements between around 50 to 75% are very common (Adam Grine). As long as traders and algos see them as magic numbers they have their power!
Gold was halted before the speech because of the usual massive sell order. FX was all over the place until the text was released then the Dollar hit a new low for the year. Apparently the wording on overvalued was considered dovish.
Yesterday the market turned on a dime when London/Frankfurt closed. Needs a repeat today or Cobra is going to be writing about the double top! Actually probably flat lining waiting for Super Mario in 2 and a half hours. His speech is an hour long and I am guessing because it is the Luncheon speech, not because he has that much to say.
fehro wrote:SPX resistance here 60m.. short at** 2452 not 2425.. 50d SMA just under at 2450.80ish
NDX/COMPQ and INDU near 20d SMA at their HODs, as VIX nears 50d SMA near LOD… GLD bounced at 20d.. still looks very iffy.. DXY recent low 92.50.. may see a tag undercut (blow out stops) then bounce / double bottom.. careful on gold an oil.. /CL struggles at 20w SMA
News feed is very clear, this was Yellen's good by speech making Goldman's former number 2 the most likely new Fed Chair. I am no fan of Yellen but a Goldman alum running the Fed makes the odds of another bankster collapse a lot higher.