My previous remarks remain essentially unchanged at this time. We are poised on the same structure noted before (green arrow). Consumer sentiment survey is due out later this morning. It may be the catalyst the market needs to get the launch I continue to expect.
If we don’t get it, I will have to suppose that we are in a Wyckoff channel of accumulation, and that we may bleed time off the clock until the FOMC meeting next week, remaining in a range, perhaps like this (though it would be sad to see such a beautiful inverse go to waste):
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