It’s getting pretty tough for the few remaining live investors to believe the Fed’s rhetoric about the need for another rate hike — let alone the wisdom of the latest one. Yesterday’s minutes did nothing to change that.
After a nice bounce (where it needed to bounce) the DXY is sliding back into negative territory this morning, taking the bloom off the yen carry trade and S&P futures both.
SPX, which reached our IH&S target way back on June 1, still needs to backtest support after its latest suspect breakout. Will today be the day?
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