Many Sellers (Bears) missed the Selloff, and many Buyers (Bulls) failed to take profits at the 199 EMA tap.
Frustration abounds and will remain leading to many emotional trades being placed for both sides.
Indices traded into the Lows of their ranges and held for 3 days.
Buyers need a TOSS to get things going to the upside for 420+.
Buyers need to not hear Powell so much as mention QT. This needs to be avoided with Rates the primary focus. Should he deviate into Quantitative Tightening - all bets are off.
We see the rounded lows in the 1 Hour Chart and the Couuntertrend channel - now we simply see if the throw over short squeeze (TOSS) holds on GDP.
2YY - 2 YEar Yield Futures are approaching 3.5% - for now and again this is the power of Now - The Effective Federal Funds Rate is 2.53%.
The 2 Year is getting close to pricing in a 100 Basis point Hike.
DX/DXY remain in a structurally sound uptrend, pullbacks are quite normal. Until the EU issues its next rate decision on September 15th - the DX is free to roam about. It is important to acknowledge the prior Highs were bested... this is important as it implies the 112s will be arriving in the near future.
Although the 10 Year is being permitted to lift in assisting the Yield Curve's reduced inversion, it's frankly not a material concern as Yields continue to rise across the Curve.
FX Traders took the 6E (Euro) downtown below Par due to Economic conditions and not Rate Parities.
The NatGas to Crude correlations are disturbing - $410 - yesterday the Media upped it from $520 to $1000.
Total Debt according to CRS is $1.6 Trillion. The Factual baseline estimate is $1.7 Trillion across the total pool of student loan debt balance is $37,667 or $1.711 Trillion.
It is important to note these are Government statistics. Actual Debt
15 Million people owe $10,000 or less - $150 Billion.
21 Million people owe $10,000 to $50,000 - $525 Billion
9 Million people owe $50,000 or more - $450 Billion @ $50,000
Appears to be quite low.
45.4 Million borrowers who took loans prior to July 2022:
1. Extend repayment moratorium for 4 months after a 2.5 Year pause.
2. If you made less than $125,000 in 2020 Debtor receive for $10,000 in Loan "Forgiveness"
3. Debtors who took Pell Grants - receive for $20,000 in Loan "Forgiveness"
4. GSL's are Taxpayer Backed - Taxpayers get the Bill.
5. 91% of respondents when polled replied - it was not enough.
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