Economic data came in as expected except for Philly Fed – a huge miss at -19.4 versus -5.0 consensus and -8.7 prior. But, it was the former dove turned chief hawk Jim Bullard who decided enough is enough, suggesting rates could reach as high as 7% before inflation is tamed. Futures were not amused.

It’s almost inconceivable that ES/SPX won’t tag their SMA200 or channel tops this time. But, even though OPEX is tomorrow, it’s looking that way at the moment.

continued for members… If AMZN can’t retake its neckline, things will be ugly. EURUSD has reversed at its SMA200 as expected……and USDJPY’s theatrics might not matter as DXY is getting a nice bounce off our downside target. SI’s attempted breakout has failed miserably. CL and RB have both now officially broken down… …, and XLE, failing to hold on to those new highs., is in danger of breaking down from its acceleration channel. Not surprisingly, the 2s10s has gapped even wider as the 2Y continues to outpace the 10Y.

GLTA.