Good Tuesday morning. As Tyler covered in detail on his podcast yesterday, the S&P 500 and Nasdaq closed at record highs (again), as new highs continue to beget new highs. This performance, led higher again by key market tell, the semis (+1.4%), comes ahead of significant events which include the release of the Consumer Price Index (CPI, Wednesday AM) and tomorrows FOMC statement and Powell presser.

Expectations are for a single rate cut by the Fed (November, according to betting odds), however we continue to look for 2-3 rate cuts in 2024, our forecast from the beginning of the year.

Of note, a number of technical analysts are pointing to the continuation of this bullish trend, supported by a well-defined "megaphone pattern" in the S&P 500. As I write, Dow and S&P 500 futures are lower by .30%, however it's common that the markets tend to rally into the smart money hour on the eve of FOMC statements. 

If there’s one group that the Fed watches most closel...