In this week's 323rd edition of Turning Points we have an 8 page note going over what the recent display of strength in the markets means looking out 1-2 weeks, along with two new trades, one in our short-term trading portfolio and one in our intermediate term swing trading portfolio.
MARKET UPDATE
The expected 25bp hike came today with an unexpectedly dovish Powell forcing investors to completely unwind the inflationary trade. This meant lower yields, lower dollar and higher prices for risk assets.
This has been an impressive week in one way in particular.
For all intents and purposes, the SPX should have tested the 4000 level this week.
For all intents and purposes, the NDX should have tested the 11700-11800 level this week.
The best the bears could do after a convincing reversal on Monday was 4015 on the SPX. What seems to be informed buyers conspicuously came into the market immediately on Tuesday following Monday's weakness, bidding up stocks, not even allowing the SPX to touch Monday's low. Tuesday's low was 4020.
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