⚠️Wall Street Week Ahead: *Risk Assets Will Suffer Greater Pressure After A Dead Cat Bounce 👉 $DIA $SPY $QQQ $IWM $VIX $TLT $CL_F $GC_F
What flipped sentiment from hoping for signs of a slowdown and betting on easing interest rates to going bullish despite economic data supporting a continuously hawkish Fed with members? I think it's the technicals.
The NDX broke through the top of its falling channel, increasing the likelihood of a further rally. Note, the price still has to overcome the June highs and the 50 DMA, but if it manages to, it will have cleared a path to the next resistances, either the Feb 24 low or the flatter downtrend line. To clarify, it doesn't have to get there. It could very well fall back on fundamentals and macroeconomic data. I'm just addressing the technical aspect.
However, what caught my eye was the multilayered contradiction in markets. First, the market narrative dictates that traders are hoping for weak data to reduce pressure on Fed tightening. Economic data throughout the week was positive, and traders still increased risk. That's one contradiction.
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