One Quick Note on $SPX Wave Balance Here

We’ve taken out the 7/22 high, but that does not necessarily spell doom for the bear case. There is an equality of legs just above us, and if that gets rejected, the bears still have a chance to take control.

I haven’t heard anything particularly bullish in the presser—they remain committed to raising rates, no hint at pausing yet—so this rally could be a stop sweep and I do not particularly trust it.

If he had said something like, “We see plenty of signs of inflation beginning to slow, etc..” this would have become more viable as it would have been a big hint. But I don’t see it here, so I am going to continue to look for this rally to fail for the time being.

SPX


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