It’s just another FOMC week, during which the machines always seem to be programmed for havoc. It’s lesson number 1,745,382 stating that whatever happens pre-FOMC is not real.
It’s why, as applies to the precious metals we noted this in an update on Tuesday:
“The precious metals obediently waited until FOMC week to start hinting that the consolidation was ending. I’d have actually preferred they wait until after FOMC.
But backing out that noise and playing the TA straight, gold and the miners would target new highs if this is not reversed as a bull trap in the next day or two.”
But it also applied more broadly. Here’s a 5 minute chart of SPX, ACWX (global markets) and HUI. Gap up, gap down. Wax on, wax off. FOMC week… you gotta love it.
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