SPX’s backtest of the 2.24 Fib extension and channel top was meant to establish strong support.  So, it was surprising to see futures dropping like a rock overnight.  Did the Masters of the Universe somehow miss the message that there would be no further drops this week — the final few days of the quarter and half-year?

Not to worry.  A quick news release, and 25 points later all is well in the world again.continued for members…This was the picture before the press release.  The illusion of a strong dollar… …the safety of the SMA200… …and, EURUSD’s channel, all propping up stocks.It appears TPTB are ready to give up the June inflation fight in order to keep stocks afloat a little longer.   I’ll be out of the office all day today — but, will try to update charts when able.