Last week, ES and SPX broke out of a falling channel on a combination of Bullard’s and Kudlow’s jawboning and USDJPY’s breakout. This was followed up by some truthiness from Jay Powell and a failure of DXY to break out, which landed ES/SPX back in their falling channels at Friday’s close.
With a bullish IH&S Pattern completion 68 points higher and the SMA200 a mere 11 points lower, stocks are still at a crossroads. With dozens of central bankers in the US and abroad due to speak this week, traders will be parsing each word for signs of whether stocks can continue to rely on central bank support.
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