This content has been archived. It may no longer be relevant
So not much of a reaction to the PCE print. What can we do? If the stealth structure I’ve been speculating is to play out, it’s possible for us to move to the top of it and swiftly. But, we’re not doing that yet, but we’re also not falling apart either.
So, if we don’t go shooting up and we also don’t crash, maybe we’re entering an accumulation of some sort, and maybe it will look like this:
This still assumes that the relative strength on high-yield credit is telling us something that I wasn’t originally expecting as we topped, but it’s something I want to listen to if it’s there. So, let’s see what we see. If something like this develops, it can become an accumulation range where ~3900 stays as resistance for a while, but that eventually becomes an inverse head and shoulders for instance.