Rinse and Repeat?

ES tagged our 50-DMA target late yesterday.

It was one of the least surprising outcomes one could imagine. In fact, SPX and ES have tagged or come close tagging their SMA50 (the purple line below) eight times over the past eight months.

Central banks have practically guaranteed this outcome ever since they enabled the market to become untethered from the real economy.

Could this time be any different?

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