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On to charts: Markets ramped higher on “bring asset purchases back” chatter from Fed member Kocherlakota the second dove in as many days to refute any notions of any rate raises soon. Yet prices were rejected leaving strong reversal candles at previous resistance in place. Markets are now firmly entrenched between support and resistance and the next breakout or break down will likely bring resolution for a visit to either the upper or lower Bollinger band. Today’s likely dovish Fed minutes could be the next trigger. It’s all about the Fed, all about the Fed, after all.
Categories: Daily Market Brief