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Late Start for Market Rollover 8/26/22

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Good morning from Nice France, where it's 2 PM on another warm bright sunny day with just a few high clouds. What else is new? Well, I'm getting a very late start, work wise. And I have much "real" work to do for you, so I will keep this short and come back later. 

First, thanks to the good sir who subscribed to the Technical Trader https://liquiditytrader.com/index.php/category/technical-market-timing/ yesterday. I hope that you enjoy it and find it profitable. I'm always thrilled and gratified to have a new subscriber on board, especially to the TA stuff, which seems to have more limited appeal than the liquidity work. It shouldn't because the charts are where the trading profits are. Liquidity tells you which way to look and lean, but the TA is the action.

Now as for today's pattern on the ES S&P 500 24 hour fugutures,  they've been walking it up the stairs, but have no reached a critical infartion point. They held the uptrend persistently, but then ran into the red line where the advance was halted. It also hit a 5 day cycle projection of 4200. Now the hourly cycle oscillators have edged lower for prelim sell signals.

But the 5 day cycle down phase should be short lived as it started very late, like me today. They could try another rally attempt later today. That would leave Monday and Tuesday next week as decision time. 

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I shall return. 

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The Federal Open Market Committee's (FOMC) overarching focus right now is to bring inflation back down to our 2 percent goal. Price stability is the responsibility of the Federal Reserve and serves as the bedrock of our economy….

Inflation is running well above 2 percent, and high inflation has continued to spread through the economy….

Committee participants' most recent individual projections from the June SEP showed the median federal funds rate running slightly below 4 percent through the end of 2023. 

https://www.federalreserve.gov/newsevents/speech/powell20220826a.htm

With 4% the median forecast foe 2023, do they really get back to the 2% target?

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