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Seems to be dipping in preparation to get back to pre-FOMC levels from September '22, energy has been pushing
The better method would be to wait until return to pivot to confirm, took a risk and ate some losses attempting entry without testing the area first..
The reaction lower was pretty intense, reflexive but also provides a stronger reversal if this is the case.
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also feel that nasdaq is leading with the energy component and has bottoming developments both ST/MT.. had to confirm on a day and weekly basis..
energy is still pushing and profile seems attractive toward 100s.. though inflationary also supportive and lower energy would also seem beneficial but currently has correlation with indexes
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also the nasdaq growth component is likely more sensitive to rate updates
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flat after exceeding extension, feels more like end of day positioning now
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lower than the start of the week now
stair stepping since the AM, forced sellers swapping with opportunists
but vix sentiment is not letting things go easy, best be light and quick
essentially flat but there's bargain hunting going on against those caught
action is feeling like there are brakes to the drop, closing the range as crude puts pressure on rallies
maybe the start of rounding out, providing positioning opportunities along the way
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following energy which is dragging this morning though vix is too
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using the previous support as resistance, testing the next support though in a grind zone
also RBOB is in the 2.60s so refineries are taking a larger cut after taxes, one way to lower inflation is to offer incentives to prevent padded margins
possible breakdown developing based on energy and indexes, vix catching up, bonds not really moving
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bonds starting to drag, crude is dipping further and approaching a turbulent zone in indexes
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lightening up due to bond stasis, especially indexes with more growth based exposure
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growth leading breakdown, eating up demand from previous days, small blip as entry look to test support from previous days as well and further possibly
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friday action, bonds are not liking it, energy last man standing, indexes turned off, vix trying to extend possibly
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seems to be facing downward toward to find another support, though blippy on bounces