Looking closer, you can see that Friday’s high didn’t even muster the strength to beat Thursday’s high, which was before Powell went ‘full pivot.’ That’s a big deal.
So, too, with the Nasdaq. The recovery has been explosive, but we’re far afield from lifetime highs. Additionally, there is nothing, absolutely nothing, about this chart which suggests a bullish setup. Quite the opposite.
If we look closer once more, we can see how relatively feeble the /NQ rally was, considering the magnitude of the news.
And this is reflected just as plainly in the daily charts, as well as the intraday. I’ve been doing this whole “charting” thing for a while, and the ‘Powell Pivot’ will be remembered, months from now, as a crucial turning point.
More By This Author:Inside Day For Tech Bouncing BondsThe Gaps’ Last Stand
