- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.
- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.
- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.
- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Tuesday, 20 March 2018

FOMC Tomorrow

ES bounced at monthly pivot support yesterday and a likely bear flag is forming that on a break down should at minimum deliver a retest of yesterday's low, and likely continuation lower after that. There is a small section looking at Facebook at the end of the video today. Intraday Video from theartofchart.net - Update on ES, NQ and TF:
FOMC is tomorrow of course, and it is possible that the Fed might say something to cheer the bulls here, though it's a little hard to see what that might be. They obviously wouldn't mention QT1, the first phase of quantitative tightening designed to reverse the QE1 through QE3 easing periods. So far that has been implemented with a great deal less fanfare than any of the QE periods, so as not to spook equity markets. Equally the economic numbers over the last month are not supporting any slowing up on interest rate tightening, though in this case I think the Fed are in any case just playing catch up so as not to fall so far behind the markets that really set interest rates, that it becomes obvious that the Fed do not actually control interest rates.

For what it's worth, the beautiful little triangle on the TNX (10yr treasury yield) hourly chart is leaning strongly towards a fastish retest of the recent highs on bond yields, with more downwards pressure on bonds, so I'd be very surprised to see an immediate reversal there. TNX 60min chart:

No comments:

Post a comment