Hello all, I hope you all are enjoying the weekend and getting some time away from the screens. The violent rally continued last week, with the indices making new highs of the week on Friday after the blip on Thursday after the poor bond auction, which was then quickly recovered on Thursday as Spooz finally went on to break the supply zone which has provided hard resistance for just about the last two months. Spooz technically has now made a higher high since it cleared the previous October high, which is a trend pattern break, so it is worth paying attention to if the next decline / pullback leads to a higher low, as that would be a complete trend pattern break. Was a fairly light week last week in terms of data this past week. Powell spoke and kept his hawkish stance as he did at FOMC the other week & then we had a few bond auctions, with the one on Thursday sending yields up / indices down, although the entire move was unwound on Friday. Heading into this week regarding economic data, CPI #’s are on Tuesday, PPI #’s on Wednesday, & Jobless claims #’s on Thursday. There are a bunch of fed speakers during the week, along with some other data points, but those mentioned above are the standout ones. The big question remains whether or not the Fed hikes further given the stance Powell has recently shown being fairly open-minded that there may be one more, so a vital week upcoming with CPI & PPI #’s, given most recently, we are starting to see signs of a slowing economy in most recent economic data.
Really interested to see if market breadth picks up. SPY/RSP keeps rallying and driving indexation effect.
Eliant any view please this HHH. Bill Ackman has been buying loads of it but it seems hard to value?