DeMARK Market Update Into Close

Fed Minutes Summary: Some of the officials said that if they didn't keep up the pace of the policy, it could slow down the progress they've made in controlling inflation. They ended up increasing interest rates by 25 basis points, which is less than their 50 basis point hike in December and the four 75 basis point increases before that. Now, they're aiming for a benchmark policy rate between 4.5% and 4.75%.

S&P sitting right near the TD Propulsion down level, which typically acts as support but don’t expect much of a fight if the market is going to take this as hawkish.

Likewise, GOOGL sitting right near daily TD Proplusion with similar intraday counts as the market. I think that this is a battle zone for the bears and why I still remain somewhat agile on positioning. I’m holding some of the calls from earlier in the day but managed to scale out a bit before the announcement, now using houses money for the close.

I am keeping an eye on what the market wants to do with bonds here as well. So far, they have been fairly supportive today. Clean Combo 13 and 9 Buy Setup on the TLT ETF and supportive price action intraday.

I remain allocated at around 50% on the long side with some short-term calls and open-minded about the market probing lower with a lot of these bond/short-term setups possibly failing off a hawkish narrative.

PS be on the lookout for a new chart book and video this evening.