Charts I’m Watching: May 30, 2017

The 46-pt rally off our downside target on the 18th (2352.72 vs 2354.15) has left SPX with some interesting options. More importantly, it makes an important statement about shifting algo influences — leading to some (IMO) mistaken notions regarding the FOMC’s next steps.While the USD bounced nicely where expected, the fireworks are far from over — which says a lot about the odds of a rate hike.

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