GLD - I'm adding on the surprise easing from greater than expected QT reduction.  Also sitting very near STS, so low risk trade (if using that STS.) 

XLE - Chart Link- note an open gap around the 89 area (89.6 fills the gap), and bigger support zone below around 200 MA and below

QQQ - Chart Link - played a degen bounce from demand - not interested in much more against algos

$SPX - Chart Link

I like the chart a lot but the fundamentals don't seem to give it an edge to play out as an inverse H&S. I'm surprised their sales growth isn't much higher with the whole aging population thing accelerating.  Mediocre growth relative to current PE (that's being nice) and the analysts definitely aren't tripping over themselves to recommend it either. 

XOP - Chart Link-

XLE - Chart Link-

OIH - Chart Link-

MDT could be an inverse H&S in the making 

Go PFE bin in it on system long.

If I were a conspiracy theorist I might postulate that Powel will strike a hawkish tone because the "Deep State" wants to bring down market valuations to make them more attractive for a run-up into the election. I am not a conspiracy theorist, however, I'm favoring that type of scenario playing out so looking for more downside here. I could be completely wrong and will follow your mantra to "trade what's in front of us."

I think Janet might give JPOW some leash on the honesty front pretty soon. Right now he is completely censored and hasn't said a peep about either fiscal policy or illegal immigration effects (he is self censoring but I'm sure there is a ton of pressure in an election year). Anyway, I think Janet might green light some honesty just to get closer to a rate cut.  Higher rates are not helping curb inflation  and JPOW can't control it at this point....we're in fiscal dominance phase.  He can tiptoe around that point to some middle ground if Janet allows.

The hard part about changing courses is that Congress and the Admin are very happy being able to point fingers at the Fed when people complain about inflation. Just a couple of weeks ago, the deputy Treasury sec said "Inflation is completely under the Fed's purvue, but I think they are doing a good job overall."  He was VERY quick to make sure the CNBC audience was pointing the finger at the Fed and not the fiscal side. 

NAAIM Exposure Index Number is at a current level of 59.48, down from 62.98 last week and down from 78.26 one year ago. This is a change of -5.56% from last week and -24.00% from one year ago.

Change from Last Week: 11.44%

Region: United States

Value from Last Week: 93.22        It dropped to 54 early in Jan then took off again to upside. 

I asked WTF about  the fundamentals the other day and gave a few details where it seemed weird, but no one took the bait. When this thing falls, I think it will be like SMCI.  Shiny valuation is questionable, at best = very little valuation support. But I didn't ask about the valuation because I understood it...so maybe I'm missing something. 

SPX 10m

Maybe .... rumour has it Jay's most played song on his Spotify is this hits from the 80's ...  can't be a coincidence ...

I actually read this in few places that Yen weakness is worrying fed and they may signal dovish

Are we are at the stage now where the market may be more afraid of an immediate cut (Fed turning Dovish).  Just a thought.  We will continue to trade what's in front of us.

Utilities stocks having a nice day, many at HOD

SPXU ... If this would be a Stock, it would look good for a long from that small base with a 50dma support and rising EMAs ...   

Breaking this down even further, perhaps it’s best not to sell in May, because President Joe Biden is running for reelection. In the 11 presidential election years since 1948 in which there was an incumbent candidate, the SPX averaged a 7.57% return with an impressive 91% of the returns positive. from  Schaeffer's 

$IWM green