The market has responded well to a hint that rates may have peaked, or "possibly" will begin to slow their upward trajectory with the recent CPI (inflation) reading, which came in slightly below expectations. This is creating the belief that the worst "might" be behind us. I'm very skeptical, but hopeful. As a result, we are playing this recent upswing even though it could be short-lived. Time will tell, but an upswing is an upswing we will play. There is major resistance at the 100-day moving average (pink line), and if it breaks this, there is a major down channel trend line resistance (blue line) that will be the real test. I'm thinking profit taking will occur around these areas, and we'll plan to take ours.
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