Any chance of the market getting out of bed this week faltered once again today. The FOMC minutes provided nothing but more conflicting signals to the market on if and/or when they would join in the co-ordinated global easing ways. If anything the market knows now it will be later than (sooner-next FOMC Aug1). Considering the underwhelming minutes and lack of positive clarity on any of the markets biggest concerns noted to start the week, it’s little comfort market held 50MA for a second consecutive day.
All in, narrative here this week stays same. A rough chart attached shows the ‘wedge/ triangle’ the market is in and why odds are clearly looking to the downside.