Wednesday, July 26, 2023

SPX and COMPQ: Tyrants and Tie Rants

Today is the much-anticipated Fed Day, and many pundits have wondered whether Jerome Powell will "stay the course" and wear either his blue or purple tie, or whether he'll signal a shift in stance by wearing something new.  Since we covered all that in great detail on Monday (???), there's not much to add in that regard, however, I did add the official "bear version" of the current rally to the SPX chart:

COMPQ is now attempting its first back-test from above, which is worth keeping an eye on:

Beyond that, it's just a matter of waiting for the Fed, though Lord only knows WHY we have to play this stupid waiting game every Fed day, no matter what the announcement, but that's the way things work now.  Trade safe.

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