Sunday Video

Key Technicals & FOMC

If you missed the article of the week you can read that here.

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Everyone is waiting on this meeting but the real moves/positioning was done 8 weeks ago after that June CPI print. Names like RDFN 0.00%↑ are up +40% since then as well as NEM 0.00%↑ and WPM 0.00%↑ which are up over +15% - we called all of that in the report.

But I think the short-sighted folks only see this event as something that matters because that world is predicated on a minute-by-minute candle basis. I like what Warren had to say…

This week is people likely trying to step over 7-foot bars picking direction on the day of the meeting and the market makers/dealers know it - in fact, this era has only made them richer and they’re laughing their asses off just like Uncle Ernie is lauging his ass off as they sell more shares of CVNA 0.00%↑ into the market with the market buying them.

So, this week doesn’t matter to much aside from shakeouts.

• 25BPS = rally | 50BPS = sell-off

• $480-$483 is key to break on QQQ 0.00%↑ for bulls this week

• It’s also September monthly expiration so market structure games will be played

• NFLX 0.00%↑ and META 0.00%↑ may go after ATH breakouts but if they do I think they fail