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Yesterday, July 10, everyone’s eyes and ears were on one thing – the Fed. And there’s a good reason why.
You see, after the U.S.-China trade war heated up last May, the market fell further than it had all year. And the Fed was the only thing that was able to pull it back up.
Yesterday, Fed Chairman Jerome Powell delivered his long-awaited testimony before the House Financial Services Committee. And the market was listening for one very important catalyst…
The Fed’s testimony, as expected, was one of the biggest market movers to date. And later this month, we’re set to see one that’s even bigger.
TLT is an ETF designed to track the investment results of an index made up of U.S. Treasury bonds that have remaining maturities greater than 20 years. Last week, TLT looked like it was breaking out of a triangle pattern – but as you can see, it’s still there today. What’s not there is the price, as TLT is trading under the ascending support line of that triangle.
Right now, this looks like a failed breakout. And if things continue on this track, then that very well may end up being the case. TLT is testing a price level of $132 – if this doesn’t hold, then I can see the ETF sliding back down to 130.
Now, the upcoming interest rate cut will undoubtedly affect bonds, and therefore TLT, which could keep it trading in this price area until then. Lately, equities and bonds have both traded higher, so it will be interesting to see if that stays the same after the Fed’s decision at the end of the month.
3. Invesco CurrencyShares Euro Trust (FXE)
FXE seeks to track the price of the euro – and a bullish signal appeared on its chart today.
Now, I have been keeping an eye on FXE‘s descending channel over the past few weeks – from when it first broke out to when it fell back into the channel. But that view isn’t on my radar right now.
Instead, this bullish signal is showing a potential upward price move.
4. United States Oil Fund LP (USO)
America’s #1 Pattern Trader