One More Structure I Can See Here

One more reason we need to see a much stronger rally is to evade these parallel rails:


I’m dumbfounded that the market has been so unrelentingly insensitive to the extremely bearish sentiment here. I almost literally can’t believe that we can’t even produce any kind of squeeze.

But, if there are still sellers out there, this is what we could see. Amazing after what felt like capitulation just a couple of days ago. If this breaks down, obviously the perma-bears have been right and the market just doesn’t want to tolerate any rate hikes after so many years of easy policy.

In past rate hike cycles—all of them as far as I can tell—the market has topped after the cycle gets going, never before. So this would be a first.

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