Daily Market Intelligence 5/5/22

Fed was perceived as easy.

5Yr. & 2 Yr. Notes rallied first putting in ORH patterns which I find difficult to believe.

30 Yr. rallied to nowhere.

Plenty of Equities were the seen of massive bottom fishing coupled with Funds just plain wrong footed.

I view today as massive FOMO on a Wednesday event day.

Too many equity names all put in bottoming patterns.

Nasd and Nasd/Bonds put in an ORH pattern.

2/10 and 5/30 Yield curves had huge ranges today with bottoming pattern that I’m skeptical of.

Spoo & Nasd came within a couple of ticks of their respective weekly ORH levels.

Those ORH levels matches resistance in the Russell as well as the Individual Indexes.

Many in the room took a short position going into today’s close.

We’re paying attention to YEN and Yen/Yuan to give us the first signs that this is another rally to nowhere or
a sea change.

Dollar weakness would = weak indices.

This is classic mid-week shuffle trading.

The last couple of weeks saw big mid-week rallies only to fail.

Trade the pattern until proven wrong

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