Watch for the head fake...
Updated
Typically a rising triangle is looked at as a bullish breakout pattern. Typically you don't cut rates in a "booming" economy either though so...Could see this triangle break to the upside to try and retest the red trendline that was previous support. Hence the reason for the false break as its not a far reach, and rejection should then occur. Bearish divergence on this last higher high on the RSI as well.
Doesn't have to reject it, the Fed could provide the volume needed to break it tomorrow, but the problem is this: Fed takes out the "mid-cycle" comments from there minutes to signal more aggressive rate cuts. If it's not mid-cycle though, than what is it? The fed admitting to a recession beginning? If they stand firm on not being aggressive cutting rates, we all know what happens on that one. Sounds like a catch 22 regardless.
Doesn't have to reject it, the Fed could provide the volume needed to break it tomorrow, but the problem is this: Fed takes out the "mid-cycle" comments from there minutes to signal more aggressive rate cuts. If it's not mid-cycle though, than what is it? The fed admitting to a recession beginning? If they stand firm on not being aggressive cutting rates, we all know what happens on that one. Sounds like a catch 22 regardless.
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