Price dropped down to the current support on the M2 adjusted chart. This support level correlates with the 2019 top, and the assumption here is that the money adjusted level is coming into play the same time the Fed is considering tempering rate hikes.
Of course the big focus now is peak hike versus monthly hikes, but once the response to the new peak hike plays out, I suspect markets will begin to proper bottom out and we can begin the slow climb back up.
Macro is still driving the market and if things get worse, that can easily invalidate this chart.
Of course the big focus now is peak hike versus monthly hikes, but once the response to the new peak hike plays out, I suspect markets will begin to proper bottom out and we can begin the slow climb back up.
Macro is still driving the market and if things get worse, that can easily invalidate this chart.