Possible larger trend break?
After jpow stepped up, risk of sentiment has gripped the markets. I thought we'd probably regain the smaller uptrend, but that looks invalidated, so I'm zooming out a bit. Under 14700 it looks like a possible trend break, under 14500, nasdaq is printing a lower low.
We'll need to keep reading the data - anything could happen and you can't predict the future.
There are some challenging headwinds, especially growth collapse, a hawkish fed, looming government shutdown. The hawkish fed strengthens the dollar. Nothing really changed apart from the fact that Jpow is no longer as chipper about the possibility of the soft landing so I think the market is starting to feel that will the growth collapse yet continuing signals of inflation increasing (oil up etc) we may see continued selling into october. It'll be clear next week.
We'll need to keep reading the data - anything could happen and you can't predict the future.
There are some challenging headwinds, especially growth collapse, a hawkish fed, looming government shutdown. The hawkish fed strengthens the dollar. Nothing really changed apart from the fact that Jpow is no longer as chipper about the possibility of the soft landing so I think the market is starting to feel that will the growth collapse yet continuing signals of inflation increasing (oil up etc) we may see continued selling into october. It'll be clear next week.
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