It was a No-Fun Tuesday as relentless selling pressure brought about that same old, 45-degree down angle for price. How come we never see any day-long, 45-degree up angle patterns?
Well...you know why. For today, it's just another day in the barrel as we wait out The Fed in anticipation of higher prices in the second half of the year. As a reminder...and discussed again in this podcast...in previous years that are analogous to 2023...both 2010 and 2019...prices traded sideways or down into the summer before exploding higher with Fed policy change. Here are reminders with charts...
