Crude oil also did a one, two, three on support and then moved higher. Either direction would be bad news for equities. Down would repeat the pattern of the past 13 years. Up would break that pattern and open the door to a very bearish scenario for stocks.
Federal Reserve Chairman Powell will be at the Senate today for his confirmation hearing. Who knows what will be said, but Senators will pressure him on inflation. Bullard and Mester speak today as well and they've both been hawkish. Waller floated the idea of balance sheet reduction as soon as July. Today we may find out if that was a one-off comment or the new direction of Fed rhetoric.
FTAV’s Friday charts quiz (Thursday edition)
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