Charts Show Market Expects Fed to Pause but Big Resistance Ahead
Traders,
Over 90% of the market is currently pricing in a FED rate pause tomorrow, but beware, the market often moves towards the point of maximum pain. My charts are showing we are at a critical point of resistance as I type this post. The bulls are going to have to conquer 4,370 and confirm it on the daily to convince me that the they are not out of steam just yet. From my perspective and the way I am reading this chart, is that the market may be in for a bit of a surprise pullback here. The blow-off top that I predicted well over a year ago is still currently underway and, IMO, will continue. But the market never goes to any future price point in a straight line. We are due for a pullback. I am not saying this will occur. I am only suggesting that a bit of caution is still very much warranted for the remainder of this week.
Here's a look at a schedule of significant events that have or will yet occur and may cause volatility:
Tuesday:
• US CPI Data
• Hinman Docs Become Public
• SEC's Coinbase Rulemaking Response
• Binance US Hearing
Wednesday:
• US PPI Data
• FOMC Meeting
Thursday:
• US Jobless Claims
• US Retail Sales Data
Take care,
Stew
Over 90% of the market is currently pricing in a FED rate pause tomorrow, but beware, the market often moves towards the point of maximum pain. My charts are showing we are at a critical point of resistance as I type this post. The bulls are going to have to conquer 4,370 and confirm it on the daily to convince me that the they are not out of steam just yet. From my perspective and the way I am reading this chart, is that the market may be in for a bit of a surprise pullback here. The blow-off top that I predicted well over a year ago is still currently underway and, IMO, will continue. But the market never goes to any future price point in a straight line. We are due for a pullback. I am not saying this will occur. I am only suggesting that a bit of caution is still very much warranted for the remainder of this week.
Here's a look at a schedule of significant events that have or will yet occur and may cause volatility:
Tuesday:
• US CPI Data
• Hinman Docs Become Public
• SEC's Coinbase Rulemaking Response
• Binance US Hearing
Wednesday:
• US PPI Data
• FOMC Meeting
Thursday:
• US Jobless Claims
• US Retail Sales Data
Take care,
Stew
Stewdamus Trades -
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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