The Technical Backdrop: When Flows Meet A Hawkish Fed

2026-06-22 09:00:00 ET

Here’s the setup most investors are underrating right now. Over the next two weeks, the tape will trade on plumbing rather than fundamentals. We just cleared the largest options expiration in history. Quarter-end pension selling comes next, and then July 1 reopens the passive money firehose into a market that already routes forty cents of every S&P 500 dollar into ten stocks. The whole market technical backdrop points higher into July. But Kevin Warsh’s first meeting as Fed chair just put a rate hike back on the table, and that quietly changes the math underneath every one of those flows....

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