“Inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go,” Powell asserted in prepared remarks in advance of his testimony before the House Financial Services Committee.

Our charts certainly agree. As posted last week, there is little chance of inflation not bouncing back up unless oil and gas prices collapse from current levels.

Futures are off moderately in anticipation of Powell’s truth-telling.

continued for members…

The equity picture remains unchanged. If the SMA10 finally gives up, there’s 100 points of downside from just the little H&S pattern. But, note that VIX is back below its falling SMA10. In other words, it hasn’t yet given up on propping up stocks. USDJPY is still ramping higher, but EURUSD is finally eyeing its SMA200.

GC and especially SI are nearing our downside targets, but BTC has been rescued again.