That seems like it would be a beginning of curtailment of rate hikes though wouldn't it? I don't think they could just turn it off as that would signal that the economy is in trouble. This may be just fine.
ES Journal - 2017/2018
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This has the feeling of bottom dropping out
certainly not great action for bulls at the moment unless looking for bargains. Where we end of the day will be important. I do still like the pullback for bounce.
Think we see 2425 today?
The Fed is set to raise rates so long as there is no economic disaster sighted on the horizon.
A pullback in the housing market or stocks or whatever is not considered disastrous... the Fed have been talking up 'overvalued asset prices' for over a year now and has made it a literal part of their mandate to scale them back. In other words, stocks drop and the Fed says 'amen'.
I think once the market digests this increase, it will just keep driving upward like it has for the last 10 years. There's nothing in the near future that I can see to hold this market down that hasn't already been happening for the last 2 years.
Tldr still bullish, sitting on the sidelines waiting for signs of sustained strength.
A pullback in the housing market or stocks or whatever is not considered disastrous... the Fed have been talking up 'overvalued asset prices' for over a year now and has made it a literal part of their mandate to scale them back. In other words, stocks drop and the Fed says 'amen'.
I think once the market digests this increase, it will just keep driving upward like it has for the last 10 years. There's nothing in the near future that I can see to hold this market down that hasn't already been happening for the last 2 years.
Tldr still bullish, sitting on the sidelines waiting for signs of sustained strength.
Loss of 106.5 pts-----still plenty of time today to reverse and head higher.
Pullback implies counter-trend. When it's making new lows it's not a pullback. Unreal.
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