Apparently there were a couple of earnings calls last night that didn’t go so well. The market sold off after the closing bell. But after getting squeezed relentlessly for a week, European bears woke up this morning in a mood, and they started covering before the ES 24 hour S&P fugutures broke any significant trend sport lines.
And so this morning it looks to me like they’d need to get it below 3810 to have any chance of getting anything going on the downside. Barring that, those betting on P is for Pause, will remain in charge until further notice. That being when the cash and credit run out, or for the US Treasury rides to the rescue and announces, yes Virginia, we’re doing buybacks starting right now.
Normally, when bettors try to front run a Fed policy change, they lose because the Fed typically waits for full blown crisis to act. Would the US Treasury behave any differently? I doubt it. Fed and Treasury people are like interchangeable parts. Former Fed Chair is current Treasury Secretary.
Stay tooned.
Meanwhile BTC had a major trendline breakout yesterday on a linear scale chart. It was a 5 month trendline break on a log chart. So either way, this chart is bullish for now, with clearance to run to 25,000. In the Department of BTC Leads, that’s something for bears to worry about.
Linear Scale
Log Scale
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