Charts I’m Watching: Jul 28, 2022

Another Fed meeting, another VIX-driven algo meltup.

But, something’s more than a little sketchy about this one – aside from the fact that the recession which Powell refused to acknowledge yesterday just got closer to being official.

It might be shallow, but the 0.9% drop in Q2 (first estimate, vs +0.5% consensus) makes for two quarters in a row – the commonly accepted definition of a recession.

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