(8/17/22) Markets are already up 17% from the last lows, making for an incredible run-up and an about-face from mid-July's pessimism to the current state of euphoria.
Two things to keep in mind today: The most recent FOMC Meeting minutes will be revealed, with many looking for a more dovish slant from the Fed, anticipating a stall in rate hikes sooner than later.
Markest are now two standard deviations above the 50-DMA, and markets will have difficulty remaining at that level without some reversion TO the average or BELOW the average.
When that occurs, a better buying opportunity will present itself.
It will be important for stocks to hold support at whatever level its reversion establishes; if not, markets will break below that point, and the media will trumpet the return of a bear market.
