Treasury Yield reversal provides the necessary clue

The lower than expected CPI report coincided with many risk assets moving sharply higher on Wednesday to levels right near the 50% retracement of the entire $SPX selloff from January into June. As written in last night’s note, “Wave structure cannot completely rule out one final push higher post CPI, though this should prove short-lived and reverse course.”  Given that Treasuries reversed sharply lower Wednesday after early gains, my expectation is t...

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