Fun chart superimposing previous midterm election data onto today's SP500
Follow's my current macro views that better CPI data will create CPI expansion before further news/employment data that can drive markets down early next year. Long over next 6 months. Short over next 2 years.
Short term conditions :
VXN momentum reversal
Reversal on Discretionary v Staples
Pullback of NDQ Breadth
Dollar bounce off 50MA support
Good for a short term consolidation into August 10 CPI Readings. Expectation for inflation top to be confirmed and provide enough momentum to break neckline on Inverse hs on QQQs for a run to 340
Looking to re-position long...
![QQQ: Structuring up for Inverse head and shoulder on QQQ [LONG]](https://s3.tradingview.com/o/obfzZfVU_mid.png "Structuring up for Inverse head and shoulder on QQQ [LONG]")