Chart Patterns and TA

[gfp927z]

Looks like this could be an ugly week for stocks. I see the S+P 500 futures are already down 1.2%, and the Fed's rate decision is on Wed. That 8.6% inflation number on Friday surprised Wall St and does not bode well.

I know you aren't into charts, but the main indices have shown some strange chart behavior lately. After bottoming on May 20 (the S+P 500's icy brush with the 20% bear market level), they had that strong bounce and it looked like all the main indices would soon test their 50 MAs. But they stalled short of the 50 MAs and went sideways for 8 trading days. On the chart it looks like the 50 MAs emitted some type of odious repellent or something. A very strange looking chart pattern, and one that might suggest some type of intervention by the 'powers that be', like the PPT/Plunge Protection Team working in reverse.

That's not as far fetched as it sounds. Both Dudley and Kashkari of the Fed have basically said that the Fed needs to tank the stock market as a tool in the fight against inflation (links below). They probably don't want a crash, but would benefit if the mindset of 'buy the dip' was broken. It looks like that mission is well on the way to being accomplished -


Dudley -

>>> "If Stocks Don’t Fall, the Fed Needs to Force Them" <<<

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168481987


Kashkari -

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168919600



---