BOJ move sparks JGB decline and China, Gold breakout

Markets have entered a window for potential short-term trend change, but Thursday’s decline failed to result in any downside follow-through following the BOJ decision.  Near-term, an SPX-4500-4620 range still looks important, and upside looks limited before SPX starts to turn lower to test 4500.  Ultimately, I expect an August decline down to 4350-4400 before SPX gets over 4650, making upside limited.

My short-term call might have “...

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