The Nothing Bagel

Is that a plain bagel, or a nothing burger? While the world waited for a decision on the situation in the Middle East, nothing was delivered. It's like the Uber driver entrusted with keeping the meal warm, ate it for themselves on the way to your house. Meanwhile, back at the market, prices made a new higher high and then appeared to put in much of either a triangle or a Flat. This was the likely end-of-the-month sloppiness known as window-dressing.

It might be that the message was deemed to be best delivered when the potential 'first-of-the-month' money, the passive monthly inflows that usually occur around the first trading day of the new month, could reliably blunt any news that was perceived negatively - even if it was supposedly good news.

Bear in mind a flat or expanded flat could potentially challenge 7,560 - 7,530 on this chart if a triangle should not be in play. But, as far as the potential triangle goes, its centerline, the wave 3 peak, was crossed over again toward the end of the futures session, as shown. (Degree labels shown are just for reference and will be adjusted later.)

So, let's see how things go on Monday.

Have an excellent rest of the weekend,

TraderJoe