With the rejection of lower prices at the trend line, the S&P appears to be in a rising wedge at what I assume is the end of the uptrend. With FOMC meeting on the 12th, it could be the catalyst for more volatility. But with the VIX broken and a seemingly endless bull run, it is prudent to expect another wrench to be thrown into the fray before July. I'm watching...
With the S&Ps inability to hold above the overnight low today, inflation data on tap for tomorrow, and an almost insane amont of crowding in every good trade available I think it is time to pay for our hubris. NVDA trade is showing cracks, MSFTs buyback program seemingly on hold and a vix close above the 50 day tells me we are in for some short term pain....
