Trend bullish- Expect rally up to SPX 4415 and QQQ 375 without much resistance before minor stalllout but key area of concern, time-wise hits in late June/early July

Apologies but no video tonight as I am just returning home from a business trip to LA.  I’ll provide some abbreviated comments below

Wednesday’s FOMC meeting provided little to no clarity in my non-economic view, as an FOMC pause in the rate hikes was followed up with very hawkish comments about a good likelihood of further hikes in the months ahead.  Given that over half the FOMC expected at least two more hikes in the months to come while three voting members weighed in on three hikes, it’s difficult to understand why FOMC failed to hike rates on Wednesday.

While not an economist by trade, I do respect the comments of the Dartmouth professor David Blanchflower of the FOMC, who opined that 500 bps of rate hikes over 14 months would require quite some time before seeing the results.

Technically speaking, the early selloff was recouped yet again by the close, and markets have shown little to no evidence of price deterioration.

Importantly, DeMark exhaustion look to reflect at least another three weeks before weekly is possible that might result in a larger setback.  At present, itâ...

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