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