SPY: Broadening Triangle
Updated
The Fed basically said we will do our best - but the inflation battle is bad. The markets rallied yesterday, digested overnight and decided its going to be tough. In addition, we have the (Q end) window dressing period coming up, earnings again in July and poor consumer data (and housing data - evident by starts). We are going to see some nasty capitulation here confirming this Broadening triangle. PT to 325. Tacking a more active short position (vs just hedging before as detailed in my previous notes). As Burry also put, 10 years of people buying in - they arn't going to get out in 3 months. Mentality needs to change.
Note
This is the small bounce to retest the triangle - but I believe it will fail tomorrow.
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