Charts of the Day: Call it Dovish

Recall from Monday’s note:

Nasdaq 100 Non-Commercial Traders Net Futures Positioning:


I.e., the bears are still sticking their necks out there — risking getting their heads handed to them if indeed the Fed delivers a dovish message… I.e., that “huge short-covering if they come in dovish,” will serve to add a not-small upside boost to stocks in that scenario… 

Here’s today’s Nasdaq 100 1-minute chart… The red X marks 5 minutes into Powell’s press conference:


Yep, call it a dovish message, and, yep, call it yet another short-covering rally.


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