We are in the midst of a possible fake out and experiencing the move higher above resistance between 102-3.
Fib based on Dot com high to 08 crisis.
Key factors for speculation to play out:
- FED is hawkish during July FOMC
- Core PCE comes in hotter
Other impacts:
- Oil breaking higher with confluence (Inflationary)
- Gasoline 52W high and set for moves higher
- Wage growth above 4%
- Labor market stubbornly high (FED needs unemployment spike to crush inflation risks as to avoid 1970s inflation disaster)
Fib based on Dot com high to 08 crisis.
Key factors for speculation to play out:
- FED is hawkish during July FOMC
- Core PCE comes in hotter
Other impacts:
- Oil breaking higher with confluence (Inflationary)
- Gasoline 52W high and set for moves higher
- Wage growth above 4%
- Labor market stubbornly high (FED needs unemployment spike to crush inflation risks as to avoid 1970s inflation disaster)