So the big event has come and gone. Powell spoke and markets popped. But then they dropped. As I write this, it looks like they’re bouncing again, just a hair above today’s open.
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All eyes are on the Fed’s Friday speech at Jackson Hole to see if Jerome Powell is going to give any hints about what the Fed’s thinking. It’s a big mistake.
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The market rallied yesterday, putting us above the key 0.618 Fibonacci retracement level. But here’s the thing. Today’s price action is going to be critical in determining if we keep going.
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Inflation rarely ever goes down, it usually just slows down — but it’s still growing. It’s a bit like a car that was speeding at 85 MPH tapping on the brakes and so now it’s going 60 MPH.
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With the markets moving like they have been, there’s a lot to unpack. Today I’m sharing key numbers and levels to watch, so let’s get to it!
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