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Key Takeaways

  • Tuesday’s mild stabilization could be setting up for a minor bounce into/post FOMC
  • Gold and silver both likely to weaken down to 2022 lows as real rates rise
  • Ethereum’s weakness growing closer to intermediate-term support to buy  
The video in this report is only accessible to members
The video in this report is only accessible to members

SPX is now down ~10% just since the June 7th close after five consecutive days of selling.    This area lies just above 3700 heading into the FOMC decision, but I’m expecting this decline doesn’t play out as a straight line, and might bounce into/directly after the meeting, regardless of what the announcement turns out to be.  This “Sell the rumor, Buy the news” could help SPX fill one of the gaps to its recent decline from 6/2 and the first target lies near 3900, which would fill the first gap, retracing 38.2% of the pullback.  The next key area of importance lies at 4017.17, or near the 61.8% retracement area.   While the trend should be down into 6/24, and/or 6/27-30, signs of hourly oversold conditions combined with DeMark exhaustion on 240-minute charts could allow for a minor bounce to unfold.  Look to sell into strength by Friday/next Tuesday.

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Gold not the inflation hedge many expect

Gold’s breakdown looks seri...

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