No Hike, But What Next
S&P 500 couldn‘t decline even premarket below 4,165, and instead rose through 4,188 to be rejected at 4,209 twice. Tired upswing on quite low volume with bonds ultimately rejecting the jubilation right at the bearish gap closure (chart is from our intraday channel) – and still Ellin did so great with intraday longs.
Stocks with bonds simply showed daily resilience facilitated by yet more betting against the BoJ. Just how long before they are forced to defend the yen, I wonder…
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In one question – is it really good to advance on such a low volume? How much higher can that brings stocks? Answers are found in the preceding charts.
Credit Markets
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This is the sleeping giant not to wake up – yields are readying to go up on FOMC.
Crude Oil
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Crude oil for today would go on defending the upper end of $81 – $82 range successfully, and oil stocks would participate in the daily turn higher.
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