This week like last week has pretty high turn probability summation system readings just about every day with a peak on Wednesday the 29th, so not much help in calling turns. A whipsaw affair like last week is probable.
Last week, as I alluded to above, also had high system readings all week with peaks on Monday and Tuesday the 20th and 21st as shown in red in the marketwatch.com plot excerpt below which foretold whipsaw action which is precisely what Wall Street delivered with three large swings.
The developing QQQ diamond pattern which I noted several weeks ago did as expected and tested the break of the lower right trend line and is now accelerating away to the downside.
And finally, the Fed conflab is slap bang in the middle of the peak in the turn window this week. The will he or won't he question is hanging over Kevin, that is, will he fight inflation or won't he jump on Jerome's transitory train for at least a few stops on the tracks to nowhere. My money's not on dove or hawk. I'm betting on chicken - talking tough, squawking and flapping his wings a lot, but in the end just sitting there laying an egg, actually doing nothing substantial on the inflation front except to feed it by continuing to enable the printing of funny money like there is no tomorrow to satiate the Treasury's never ending need for debt.
Regards,
Douglas
