June Jitters

Quite a week last week and this week is busy too. We have FOMC on Thursday and then quad witch on Friday. If the rate hike odds and bond market are correct it looks like the Fed might raise at the June meeting. I don’t know what evidence they will have to raise. I would expect them to keep pushing the forward guidance and balance sheet reduction.

In my previous post last week, I noted the consolidation on NDX daily as a key level. We had a rejection off that level to end the week. This is still an uptrend at this stage. Have to see more evidence this week.

Oil is at 78.6% retracement.

Copper daily is showing a kumo breakout at resistance.

BUND daily had a strong breakout above the kumo.

DXY daily is retracing back towards the kijun sen.

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