Market Recap
The conclusion of the June meeting has seen the Federal Reserve (Fed) keeping rates on hold at 5.00%-5.25% in a widely-anticipated move, but there is less conviction for markets that today’s move will mark the end of its tightening campaign.
A hawkish takeaway came from the Federal Open Market Committee (FOMC) dot plot, with peak rate for 2023 revised to 5.6% from previous 5.1%, which suggests another 50 basis-point (bp) of tightening by the end of this year. Rate forecasts for 2024 and 2025 were revised upwards as well, which seems to put a high-for-longer rate outlook on the horizon. The justification may come on the back of some persistence in inflationary pressures, with the Fed’s core PCE forecasts seen higher at 3.9% for 2023 compared to the 3.6% expected in March.
Comments from Fed Chair Jerome Powell seem to add to the hawkish equation, saying that Fed rate cuts are a ‘couple years out’, at a time when broad market expectations were pricing for rate cuts by the end of the year. With July meeting being deemed as a ‘live’ meeting from the Fed Chair, it will leave any rate decision to just a handful of inflation and labour data ahead. Current Fed funds futures continue to lean towards a 25 bp move in July, but its pricing for terminal rate at 5.25%-5.5% are still less hawkish than what the Fed has guided, which leaves any further recalibration on watch.
Treasury yields were on a mixed tone, reflecting some indecision in the aftermath of the FOMC meeting. On the other hand, a high-for-longer rate outlook has not been well-received by gold prices, which saw a sharp paring in initial gains overnight. Intermittent bounces over the past one month have failed to find much of a follow-through, with prices hovering back near its two-month low around the US$1,940 level. Any breakdown to a new lower low may be in sight, which could reinforce its near-term downward bias. Its Relative Strength Index (RSI) continues to trend below the key 50 level, while a key trendline support in place since November 2022 has been invalidated, reflecting sellers in control for the present.
Source: IG charts
Asia Open
Asian stocks look set for a slight positive open, with Nikkei +0.17%, ASX +0.31% and KOSPI +0.30% at the time of writing as market participants continue to digest the latest FOMC meeting. The economic calendar this morning has seen first-quarter gross domestic product (GDP) read from New Zealand dragging the country into a technical recession. A 0.1% decline quarter-on-quarter in 1Q, following a 0.7% decline in 4Q, is likely to provide further justification that the Reserve Bank of New Zealand (RBNZ) is done with tightening, which translates to some downward pressure on the NZD.
The day ahead will bring focus to Australia’s employment data, followed by a series of economic data out of China (industrial production, retail sales, fixed asset investment). Recent cuts to China’s short-term borrowing costs may drive hopes of a similar adjustment to the one-year MLF rate later today, with the upcoming economic data likely to add to the recent series of downside surprises and reinforce a low-for-longer growth outlook in China. All three above-mentioned data are expected to display some moderation in year-on-year growth from April.
Copper prices have managed to recover more than 8% since finding support at the US$7,940/tonne level. A reclaim of the RSI above the 50 level, along with a bullish crossover on moving average convergence/divergence (MACD) may point towards some upward momentum in the near term. That said, immediate resistance still stands at the US$8,600/tonne level for now. Greater conviction for a more sustained upside may have to come from a move above the Ichimoku cloud to signal an upward trend in place. On any downside, the US$8,250/tonne level may bring some support from an upward trendline in confluence with a Fibonacci retracement level.
Source: IG charts
On the watchlist: Knee-jerk reaction in the US dollar but more signs needed
The FOMC meeting has brought about some volatility in the US dollar overnight, with the release of the dot plot triggering a 0.5% knee-jerk reaction mid-day before some gains were pared during the Fed press conference. Greater conviction for the bulls may have to come from an overturn of the lower-highs-lower-lows formation on the four-hour chart since the start of the month, with immediate resistance to overcome at the 103.12 level.
For now, its RSI has headed below the key 50 level, along with a declining MACD, which calls for the need of a significant build-up in upward momentum to provide some conviction for the bulls as well. Any failure to tap on the hawkish tone from the FOMC meeting for any move higher over subsequent days could point towards ongoing exhaustion, which could place its May bottom in sight for a retest next.
Source: IG charts
Wednesday: DJIA -0.68%; S&P 500 +0.08%; Nasdaq +0.39%, DAX +0.49%, FTSE +0.10%
`constructor()this.hiding=!1,this.value=0,this.visible=!1,this.trickle=()=>this.setValue(this.value+Math.random()/100),this.stylesheetElement=this.createStylesheetElement(),this.progressElement=this.createProgressElement(),this.installStylesheetElement(),this.setValue(0)show()this.visiblehide()this.visible&&!this.hiding&&(this.hiding=!0,this.fadeProgressElement(()=>this.uninstallProgressElement(),this.stopTrickling(),this.visible=!1,this.hiding=!1))setValue(value)this.value=value,this.refresh()installStylesheetElement()document.head.insertBefore(this.stylesheetElement,document.head.firstChild)installProgressElement()this.progressElement.style.width="0",this.progressElement.style.opacity="1",document.documentElement.insertBefore(this.progressElement,document.body),this.refresh()fadeProgressElement(callback)this.progressElement.style.opacity="0",setTimeout(callback,1.5*ProgressBar.animationDuration)uninstallProgressElement()this.progressElement.parentNode&&document.documentElement.removeChild(this.progressElement)startTrickling()stopTrickling()window.clearInterval(this.trickleInterval),delete this.trickleIntervalrefresh()requestAnimationFrame(()=>this.progressElement.style.width=10+90*this.value+"%")createStylesheetElement()var element=document.createElement("style");return element.type="text/css",element.textContent=ProgressBar.defaultCSS,this.cspNonce&&(element.nonce=this.cspNonce),elementcreateProgressElement()var element=document.createElement("div");return element.className="turbo-progress-bar",elementget cspNonce()return getMetaContent("csp-nonce")ProgressBar.animationDuration=300;class HeadSnapshot extends Snapshot{constructor(){super(...arguments),this.detailsByOuterHTML=this.children.filter(element=>!function elementIsNoscript(element)element=element.localName;return"noscript"==element(element)).map(element=>function elementWithoutNonce(element)element.hasAttribute("nonce")&&element.setAttribute("nonce","");return element(element)).reduce((result,element)=>var outerHTML=element["outerHTML"],details=outerHTML in result?result[outerHTML]:type:function elementType(element)return function elementIsScript(element)element=element.localName;return"script"==element(element)?"script":function elementIsStylesheet(element)var tagName=element.localName;return"style"==tagName(element)?"stylesheet":void 0(element),tracked:function elementIsTracked(element)return"reload"==element.getAttribute("data-turbo-track")(element),elements:[];return Object.assign(Object.assign(,result),[outerHTML]:Object.assign(Object.assign(,details),elements:[...details.elements,element])),)}get trackedElementSignature()return Object.keys(this.detailsByOuterHTML).filter(outerHTML=>this.detailsByOuterHTML[outerHTML].tracked).join("")getScriptElementsNotInSnapshot(snapshot)return this.getElementsMatchingTypeNotInSnapshot("script",snapshot)getStylesheetElementsNotInSnapshot(snapshot)return this.getElementsMatchingTypeNotInSnapshot("stylesheet",snapshot)getElementsMatchingTypeNotInSnapshot(matchedType,snapshot)return Object.keys(this.detailsByOuterHTML).filter(outerHTML=>!(outerHTML in snapshot.detailsByOuterHTML)).map(outerHTML=>this.detailsByOuterHTML[outerHTML]).filter((type)=>type==matchedType).map((elements:[element])=>element)get provisionalElements()return Object.keys(this.detailsByOuterHTML).reduce((result,outerHTML)=>vartype:outerHTML,tracked,elements=this.detailsByOuterHTML[outerHTML];return null!=outerHTML,[])getMetaValue(name)name=this.findMetaElementByName(name);return name?name.getAttribute("content"):nullfindMetaElementByName(name)return Object.keys(this.detailsByOuterHTML).reduce((result,outerHTML)=>var[outerHTML]=this.detailsByOuterHTML[outerHTML]["elements"];return function elementIsMetaElementWithName(element,name)var tagName=element.localName;return"meta"==tagName&&element.getAttribute("name")==name(outerHTML,name)?outerHTML:result,void 0)}class PageSnapshot extends Snapshotstatic fromHTMLString(html="")return this.fromDocument(parseHTMLDocument(html))static fromElement(element)return this.fromDocument(element.ownerDocument)static fromDocument(head,body)return new this(body,new HeadSnapshot(head))constructor(element,headSnapshot)super(element),this.headSnapshot=headSnapshotclone()var index,source,clonedElement=this.element.cloneNode(!0),selectElements=this.element.querySelectorAll("select"),clonedSelectElements=clonedElement.querySelectorAll("select");for([index,source]of selectElements.entries())var clone=clonedSelectElements[index];for(const option of clone.selectedOptions)option.selected=!1;for(const option of source.selectedOptions)clone.options[option.index].selected=!0for(const clonedPasswordInput of clonedElement.querySelectorAll('input[type="password"]'))clonedPasswordInput.value="";return new PageSnapshot(clonedElement,this.headSnapshot)get headElement()return this.headSnapshot.elementget rootLocation()var _a;return expandURL(null!=(_a=this.getSetting("root"))?_a:"/")get cacheControlValue()return this.getSetting("cache-control")get isPreviewable()return"no-preview"!=this.cacheControlValueget isCacheable()return"no-cache"!=this.cacheControlValueget isVisitable()return"reload"!=this.getSetting("visit-control")getSetting(name)return this.headSnapshot.getMetaValue("turbo-"+name)(prototype=TimingMetric=TimingMetric||).visitStart="visitStart",prototype.requestStart="requestStart",prototype.requestEnd="requestEnd",prototype.visitEnd="visitEnd",(prototype=VisitState=VisitState||).initialized="initialized",prototype.started="started",prototype.canceled="canceled",prototype.failed="failed";const defaultOptions=action:"advance",historyChanged:!(prototype.completed="completed"),visitCachedSnapshot:()=>,willRender:!0,updateHistory:!0,shouldCacheSnapshot:!0,acceptsStreamResponse:!1;(prototype=SystemStatusCode=SystemStatusCode||)[prototype.networkFailure=0]="networkFailure",prototype[prototype.timeoutFailure=-1]="timeoutFailure",prototype[prototype.contentTypeMismatch=-2]="contentTypeMismatch";class Visitconstructor(delegate,location2,restorationIdentifier,options=)get adapter()return this.delegate.adapterget view()return this.delegate.viewget history()return this.delegate.historyget restorationData()return this.history.getRestorationDataForIdentifier(this.restorationIdentifier)get silent()return this.isSamePagestart()this.state==VisitState.initialized&&(this.recordTimingMetric(TimingMetric.visitStart),this.state=VisitState.started,this.adapter.visitStarted(this),this.delegate.visitStarted(this))cancel()this.state==VisitState.started&&(this.request&&this.request.cancel(),this.cancelRender(),this.state=VisitState.canceled)complete()this.state==VisitState.started&&(this.recordTimingMetric(TimingMetric.visitEnd),this.state=VisitState.completed,this.followRedirect(),this.followedRedirectfail()this.state==VisitState.started&&(this.state=VisitState.failed,this.adapter.visitFailed(this))changeHistory()var _a;!this.historyChanged&&this.updateHistory&&(_a=getHistoryMethodForAction(this.location.href===(null==(_a=this.referrer)?void 0:_a.href)?"replace":this.action),this.history.update(_a,this.location,this.restorationIdentifier),this.historyChanged=!0)issueRequest()this.hasPreloadedResponse()?this.simulateRequest():this.shouldIssueRequest()&&!this.request&&(this.request=new FetchRequest(this,FetchMethod.get,this.location),this.request.perform())simulateRequest()this.response&&(this.startRequest(),this.recordResponse(),this.finishRequest())startRequest()this.recordTimingMetric(TimingMetric.requestStart),this.adapter.visitRequestStarted(this)recordResponse(response=this.response)(this.response=response)&&(response=response["statusCode"],isSuccessful(response)?this.adapter.visitRequestCompleted(this):this.adapter.visitRequestFailedWithStatusCode(this,response))finishRequest()this.recordTimingMetric(TimingMetric.requestEnd),this.adapter.visitRequestFinished(this)loadResponse()if(this.response)conststatusCode,responseHTML=this.response;this.render(()=>__async$3(this,null,function*()this.shouldCacheSnapshot&&this.cacheSnapshot(),this.view.renderPromise&&(yield this.view.renderPromise),isSuccessful(statusCode)&&null!=responseHTML?(yield this.view.renderPage(PageSnapshot.fromHTMLString(responseHTML),!1,this.willRender,this),this.performScroll(),this.adapter.visitRendered(this),this.complete()):(yield this.view.renderError(PageSnapshot.fromHTMLString(responseHTML),this),this.adapter.visitRendered(this),this.fail())))getCachedSnapshot()snapshot.hasAnchor(getAnchor(this.location)))&&("restore"==this.actiongetPreloadedSnapshot()if(this.snapshotHTML)return PageSnapshot.fromHTMLString(this.snapshotHTML)hasCachedSnapshot()return null!=this.getCachedSnapshot()loadCachedSnapshot()const snapshot=this.getCachedSnapshot();if(snapshot)const isPreview=this.shouldIssueRequest();this.render(()=>__async$3(this,null,function*()this.cacheSnapshot(),this.isSamePage?this.adapter.visitRendered(this):(this.view.renderPromise&&(yield this.view.renderPromise),yield this.view.renderPage(snapshot,isPreview,this.willRender,this),this.performScroll(),this.adapter.visitRendered(this),isPreview))followRedirect()var _a;this.redirectedToLocation&&!this.followedRedirect&&null!=(_a=this.response)&&_a.redirected&&(this.adapter.visitProposedToLocation(this.redirectedToLocation,action:"replace",response:this.response,shouldCacheSnapshot:!1,willRender:!1),this.followedRedirect=!0)goToSamePageAnchor()this.isSamePage&&this.render(()=>__async$3(this,null,function*()this.cacheSnapshot(),this.performScroll(),this.changeHistory(),this.adapter.visitRendered(this)))prepareRequest(request)this.acceptsStreamResponse&&request.acceptResponseType(StreamMessage.contentType)requestStarted()this.startRequest()requestPreventedHandlingResponse(_request,_response)requestSucceededWithResponse(request,response)return __async$3(this,null,function*()var responseHTML=yield response.responseHTML,redirected,statusCode=response;null==responseHTML?this.recordResponse(statusCode:SystemStatusCode.contentTypeMismatch,redirected:redirected):(this.redirectedToLocation=response.redirected?response.location:void 0,this.recordResponse(statusCode:statusCode,responseHTML:responseHTML,redirected:redirected)))requestFailedWithResponse(request,response)return __async$3(this,null,function*()var responseHTML=yield response.responseHTML,redirected,statusCode=response;null==responseHTML?this.recordResponse(statusCode:SystemStatusCode.contentTypeMismatch,redirected:redirected):this.recordResponse(statusCode:statusCode,responseHTML:responseHTML,redirected:redirected))requestErrored(_request,_error)this.recordResponse(statusCode:SystemStatusCode.networkFailure,redirected:!1)requestFinished()this.finishRequest()performScroll()this.scrollToAnchor()scrollToRestoredPosition()var scrollPosition=this.restorationData["scrollPosition"];if(scrollPosition)return this.view.scrollToPosition(scrollPosition),!0scrollToAnchor()var anchor=getAnchor(this.location);if(null!=anchor)return this.view.scrollToAnchor(anchor),!0recordTimingMetric(metric)this.timingMetrics[metric]=(new Date).getTime()getTimingMetrics()return Object.assign(,this.timingMetrics)getHistoryMethodForAction(action)switch(action)case"replace":return history.replaceState;case"advance":case"restore":return history.pushStatehasPreloadedResponse()return"object"==typeof this.responseshouldIssueRequest()return!this.isSamePage&&("restore"==this.action?!this.hasCachedSnapshot():this.willRender)cacheSnapshot()render(callback)return __async$3(this,null,function*()this.cancelRender(),yield new Promise(resolve=>this.frame=requestAnimationFrame(()=>resolve())),yield callback(),delete this.frame)cancelRender()this.frame&&(cancelAnimationFrame(this.frame),delete this.frame)function isSuccessful(statusCode)return 200<=statusCode&&statusCode<300class BrowserAdapter{constructor(session2)this.progressBar=new ProgressBar,this.showProgressBar=()=>this.progressBar.show(),this.session=session2visitProposedToLocation(location2,options)visitStarted(visit2)this.location=visit2.location,visit2.loadCachedSnapshot(),visit2.issueRequest(),visit2.goToSamePageAnchor()visitRequestStarted(visit2)this.progressBar.setValue(0),visit2.hasCachedSnapshot()visitRequestCompleted(visit2)visit2.loadResponse()visitRequestFailedWithStatusCode(visit2,statusCode)switch(statusCode)case SystemStatusCode.networkFailure:case SystemStatusCode.timeoutFailure:case SystemStatusCode.contentTypeMismatch:return this.reload(reason:"request_failed",context:statusCode:statusCode);default:return visit2.loadResponse()visitRequestFinished(_visit)this.progressBar.setValue(1),this.hideVisitProgressBar()visitCompleted(_visit)pageInvalidated(reason)this.reload(reason)visitFailed(_visit)visitRendered(_visit)formSubmissionStarted(_formSubmission)this.progressBar.setValue(0),this.showFormProgressBarAfterDelay()formSubmissionFinished(_formSubmission)this.progressBar.setValue(1),this.hideFormProgressBar()showVisitProgressBarAfterDelay()this.visitProgressBarTimeout=window.setTimeout(this.showProgressBar,this.session.progressBarDelay)hideVisitProgressBar()this.progressBar.hide(),null!=this.visitProgressBarTimeout&&(window.clearTimeout(this.visitProgressBarTimeout),delete this.visitProgressBarTimeout)showFormProgressBarAfterDelay()null==this.formProgressBarTimeout&&(this.formProgressBarTimeout=window.setTimeout(this.showProgressBar,this.session.progressBarDelay))hideFormProgressBar()this.progressBar.hide(),null!=this.formProgressBarTimeout&&(window.clearTimeout(this.formProgressBarTimeout),delete this.formProgressBarTimeout)reload(reason)get navigator()return this.session.navigator}class CacheObserverconstructor()this.selector="[data-turbo-temporary]",this.deprecatedSelector="[data-turbo-cache=false]",this.started=!1,this.removeTemporaryElements=_event=>for(const element of this.temporaryElements)element.remove()start()stop()this.started&&(this.started=!1,removeEventListener("turbo:before-cache",this.removeTemporaryElements,!1))get temporaryElements()return[...document.querySelectorAll(this.selector),...this.temporaryElementsWithDeprecation]get temporaryElementsWithDeprecation()var elements=document.querySelectorAll(this.deprecatedSelector);return elements.length&&console.warn(`The $this.deprecatedSelector selector is deprecated and will be removed in a future version. Use $this.selector instead.`),[...elements]class FrameRedirectorconstructor(session2,element)this.session=session2,this.element=element,this.linkInterceptor=new LinkInterceptor(this,element),this.formSubmitObserver=new FormSubmitObserver(this,element)start()this.linkInterceptor.start(),this.formSubmitObserver.start()stop()this.linkInterceptor.stop(),this.formSubmitObserver.stop()shouldInterceptLinkClick(element,_location,_event)return this.shouldRedirect(element)linkClickIntercepted(element,url,event)var frame=this.findFrameElement(element);frame&&frame.delegate.linkClickIntercepted(element,url,event)willSubmitForm(element,submitter)return null==element.closest("turbo-frame")&&this.shouldSubmit(element,submitter)&&this.shouldRedirect(element,submitter)formSubmitted(element,submitter)var frame=this.findFrameElement(element,submitter);frame&&frame.delegate.formSubmitted(element,submitter)shouldSubmit(form,submitter)var action=getAction(form,submitter),meta=this.element.ownerDocument.querySelector('meta[name="turbo-root"]'),meta=expandURL(null!=(meta=null==meta?void 0:meta.content)?meta:"/");return this.shouldRedirect(form,submitter)&&locationIsVisitable(action,meta)shouldRedirect(element,submitter)return!!(element instanceof HTMLFormElement?this.session.submissionIsNavigatable(element,submitter):this.session.elementIsNavigatable(element))&&(!!(submitter=this.findFrameElement(element,submitter))&&submitter!=element.closest("turbo-frame"))findFrameElement(element,submitter)submitter=(null==submitter?void 0:submitter.getAttribute("data-turbo-frame"))class Historyconstructor(delegate)this.restorationIdentifier=uuid(),this.restorationData=,this.started=!1,this.pageLoaded=!1,this.onPopState=event=>,this.onPageLoad=_event=>__async$3(this,null,function*()yield function nextMicrotask()return Promise.resolve()(),this.pageLoaded=!0),this.delegate=delegatestart()this.startedstop()this.started&&(removeEventListener("popstate",this.onPopState,!1),removeEventListener("load",this.onPageLoad,!1),this.started=!1)push(location2,restorationIdentifier)this.update(history.pushState,location2,restorationIdentifier)replace(location2,restorationIdentifier)this.update(history.replaceState,location2,restorationIdentifier)update(method,location2,restorationIdentifier=uuid())method.call(history,turbo:restorationIdentifier:restorationIdentifier,"",location2.href),this.location=location2,this.restorationIdentifier=restorationIdentifiergetRestorationDataForIdentifier(restorationIdentifier)updateRestorationData(additionalData)var restorationIdentifier=this["restorationIdentifier"],restorationData=this.restorationData[restorationIdentifier];this.restorationData[restorationIdentifier]=Object.assign(Object.assign(,restorationData),additionalData)assumeControlOfScrollRestoration()var _a;this.previousScrollRestorationrelinquishControlOfScrollRestoration()this.previousScrollRestoration&&(history.scrollRestoration=this.previousScrollRestoration,delete this.previousScrollRestoration)shouldHandlePopState()return this.pageIsLoaded()pageIsLoaded()"complete"==document.readyStateclass Navigator{constructor(delegate)this.delegate=delegateproposeVisit(location2,options=)this.delegate.allowsVisitingLocationWithAction(location2,options.action)&&(locationIsVisitable(location2,this.view.snapshot.rootLocation)?this.delegate.visitProposedToLocation(location2,options):window.location.href=location2.toString())startVisit(locatable,restorationIdentifier,options=)this.stop(),this.currentVisit=new Visit(this,expandURL(locatable),restorationIdentifier,Object.assign(referrer:this.location,options)),this.currentVisit.start()submitForm(form,submitter)this.stop(),this.formSubmission=new FormSubmission(this,form,submitter,!0),this.formSubmission.start()stop()this.formSubmission&&(this.formSubmission.stop(),delete this.formSubmission),this.currentVisit&&(this.currentVisit.cancel(),delete this.currentVisit)get adapter()return this.delegate.adapterget view()return this.delegate.viewget history()return this.delegate.historyformSubmissionStarted(formSubmission)"function"==typeof this.adapter.formSubmissionStarted&&this.adapter.formSubmissionStarted(formSubmission)formSubmissionSucceededWithResponse(formSubmission,fetchResponse)return __async$3(this,null,function*()var responseHTML,shouldCacheSnapshot,statusCode,redirected,action;formSubmission==this.formSubmission&&(responseHTML=yield fetchResponse.responseHTML)&&(statusCode,redirected=((shouldCacheSnapshot=formSubmission.isSafe))formSubmissionFailedWithResponse(formSubmission,fetchResponse)return __async$3(this,null,function*()var responseHTML=yield fetchResponse.responseHTML;responseHTML&&(responseHTML=PageSnapshot.fromHTMLString(responseHTML),fetchResponse.serverError?yield this.view.renderError(responseHTML,this.currentVisit):yield this.view.renderPage(responseHTML,!1,!0,this.currentVisit),this.view.scrollToTop(),this.view.clearSnapshotCache()))formSubmissionErrored(formSubmission,error)console.error(error)formSubmissionFinished(formSubmission)"function"==typeof this.adapter.formSubmissionFinished&&this.adapter.formSubmissionFinished(formSubmission)visitStarted(visit2)this.delegate.visitStarted(visit2)visitCompleted(visit2)this.delegate.visitCompleted(visit2)locationWithActionIsSamePage(location2,action)visitScrolledToSamePageLocation(oldURL,newURL)this.delegate.visitScrolledToSamePageLocation(oldURL,newURL)get location()return this.history.locationget restorationIdentifier()return this.history.restorationIdentifiergetActionForFormSubmission(submitter,formElement)return getVisitAction(submitter,formElement)}(prototype=PageStage=PageStage||)[prototype.initial=0]="initial",prototype[prototype.loading=1]="loading",prototype[prototype.interactive=2]="interactive",prototype[prototype.complete=3]="complete";class PageObserverconstructor(delegate)this.stage=PageStage.initial,this.started=!1,this.interpretReadyState=()=>var readyState=this["readyState"];"interactive"==readyState?this.pageIsInteractive():"complete"==readyState&&this.pageIsComplete(),this.pageWillUnload=()=>this.delegate.pageWillUnload(),this.delegate=delegatestart()this.startedstop()this.started&&(document.removeEventListener("readystatechange",this.interpretReadyState,!1),removeEventListener("pagehide",this.pageWillUnload,!1),this.started=!1)pageIsInteractive()this.stage==PageStage.loading&&(this.stage=PageStage.interactive,this.delegate.pageBecameInteractive())pageIsComplete()this.pageIsInteractive(),this.stage==PageStage.interactive&&(this.stage=PageStage.complete,this.delegate.pageLoaded())get readyState()return document.readyStateclass ScrollObserverconstructor(delegate)this.started=!1,this.onScroll=()=>this.updatePosition(x:window.pageXOffset,y:window.pageYOffset),this.delegate=delegatestart()this.startedstop()this.started&&(removeEventListener("scroll",this.onScroll,!1),this.started=!1)updatePosition(position)this.delegate.scrollPositionChanged(position)class StreamMessageRenderer{render(fragment)Bardo.preservingPermanentElements(this,function getPermanentElementMapForFragment(fragment)var permanentElementsInDocument=queryPermanentElementsAll(document.documentElement),permanentElementMap=;for(const permanentElementInDocument of permanentElementsInDocument)var id=permanentElementInDocument["id"];for(const streamElement of fragment.querySelectorAll("turbo-stream"))var elementInStream=getPermanentElementById(streamElement.templateElement.content,id);elementInStream&&(permanentElementMap[id]=[permanentElementInDocument,elementInStream])return permanentElementMap(fragment),()=>document.documentElement.appendChild(fragment))enteringBardo(currentPermanentElement,newPermanentElement)newPermanentElement.replaceWith(currentPermanentElement.cloneNode(!0))leavingBardo()}class StreamObserverconstructor(delegate)this.sources=new Set,this.started=!1,this.inspectFetchResponse=event=>var response=function fetchResponseFromEvent(event)event=null==(event=event.detail)?void 0:event.fetchResponse;if(event instanceof FetchResponse)return event(event);response&&function fetchResponseIsStream(response)response=null!=(response=response.contentType)?response:"";return response.startsWith(StreamMessage.contentType)(response)&&(event.preventDefault(),this.receiveMessageResponse(response)),this.receiveMessageEvent=event=>this.started&&"string"==typeof event.data&&this.receiveMessageHTML(event.data),this.delegate=delegatestart()stop()this.started&&(this.started=!1,removeEventListener("turbo:before-fetch-response",this.inspectFetchResponse,!1))connectStreamSource(source)disconnectStreamSource(source)this.streamSourceIsConnected(source)&&(this.sources.delete(source),source.removeEventListener("message",this.receiveMessageEvent,!1))streamSourceIsConnected(source)return this.sources.has(source)receiveMessageResponse(response)return __async$3(this,null,function*()var html=yield response.responseHTML;html&&this.receiveMessageHTML(html))receiveMessageHTML(html)this.delegate.receivedMessageFromStream(StreamMessage.wrap(html))class ErrorRenderer extends Rendererstatic renderElement(currentElement,newElement)vardocumentElement,body=document;documentElement.replaceChild(newElement,body)render()return __async$3(this,null,function*()this.replaceHeadAndBody(),this.activateScriptElements())replaceHeadAndBody()vardocumentElement,head=document;documentElement.replaceChild(this.newHead,head),this.renderElement(this.currentElement,this.newElement)activateScriptElements()for(const replaceableElement of this.scriptElements)var element,parentNode=replaceableElement.parentNode;parentNode&&(element=activateScriptElement(replaceableElement),parentNode.replaceChild(element,replaceableElement))get newHead()return this.newSnapshot.headSnapshot.elementget scriptElements()return document.documentElement.querySelectorAll("script")class PageRenderer extends Renderer{static renderElement(currentElement,newElement)document.body&&newElement instanceof HTMLBodyElement?document.body.replaceWith(newElement):document.documentElement.appendChild(newElement)get shouldRender()return this.newSnapshot.isVisitable&&this.trackedElementsAreIdenticalget reloadReason()return this.newSnapshot.isVisitable?this.trackedElementsAreIdentical?void 0:reason:"tracked_element_mismatch":reason:"turbo_visit_control_is_reload"prepareToRender()return __async$3(this,null,function*()yield this.mergeHead())render()return __async$3(this,null,function*()this.willRender&&(yield this.replaceBody()))finishRendering()get currentHeadSnapshot()return this.currentSnapshot.headSnapshotget newHeadSnapshot()return this.newSnapshot.headSnapshotget newElement()return this.newSnapshot.elementmergeHead()return __async$3(this,null,function*()var mergedHeadElements=this.mergeProvisionalElements(),newStylesheetElements=this.copyNewHeadStylesheetElements();this.copyNewHeadScriptElements(),yield mergedHeadElements,yield newStylesheetElements)replaceBody()return __async$3(this,null,function*()yield this.preservingPermanentElements(()=>__async$3(this,null,function*()this.activateNewBody(),yield this.assignNewBody())))get trackedElementsAreIdentical()return this.currentHeadSnapshot.trackedElementSignature==this.newHeadSnapshot.trackedElementSignaturecopyNewHeadStylesheetElements(){return __async$3(this,null,function*()var loadingElements=[];for(const element of this.newHeadStylesheetElements)loadingElements.push(function waitForLoad(element,timeoutInMilliseconds=2e3)return new Promise(resolve=>const onComplete=()=>element.removeEventListener("error",onComplete),element.removeEventListener("load",onComplete),resolve();element.addEventListener("load",onComplete,once:!0),element.addEventListener("error",onComplete,once:!0),setTimeout(resolve,timeoutInMilliseconds))(element)),document.head.appendChild(element);yield Promise.all(loadingElements))}copyNewHeadScriptElements()for(const element of this.newHeadScriptElements)document.head.appendChild(activateScriptElement(element))mergeProvisionalElements()return __async$3(this,null,function*())isCurrentElementInElementList(element,elementList)for(var[index,newElement]of elementList.entries())if("TITLE"==element.tagName)if("TITLE"!=newElement.tagName)continue;if(element.innerHTML==newElement.innerHTML)return elementList.splice(index,1),!0if(newElement.isEqualNode(element))return elementList.splice(index,1),!0return!1removeCurrentHeadProvisionalElements()for(const element of this.currentHeadProvisionalElements)document.head.removeChild(element)copyNewHeadProvisionalElements()for(const element of this.newHeadProvisionalElements)document.head.appendChild(element)activateNewBody()document.adoptNode(this.newElement),this.activateNewBodyScriptElements()activateNewBodyScriptElements()for(const inertScriptElement of this.newBodyScriptElements)var activatedScriptElement=activateScriptElement(inertScriptElement);inertScriptElement.replaceWith(activatedScriptElement)assignNewBody()return __async$3(this,null,function*()yield this.renderElement(this.currentElement,this.newElement))get newHeadStylesheetElements()return this.newHeadSnapshot.getStylesheetElementsNotInSnapshot(this.currentHeadSnapshot)get newHeadScriptElements()return this.newHeadSnapshot.getScriptElementsNotInSnapshot(this.currentHeadSnapshot)get currentHeadProvisionalElements()return this.currentHeadSnapshot.provisionalElementsget newHeadProvisionalElements()return this.newHeadSnapshot.provisionalElementsget newBodyScriptElements()return this.newElement.querySelectorAll("script")}class SnapshotCacheconstructor(size)this.keys=[],this.snapshots=,this.size=sizehas(location2)return toCacheKey(location2)in this.snapshotsget(location2)var snapshot;if(this.has(location2))return snapshot=this.read(location2),this.touch(location2),snapshotput(location2,snapshot)return this.write(location2,snapshot),this.touch(location2),snapshotclear()this.snapshots=read(location2)return this.snapshots[toCacheKey(location2)]write(location2,snapshot)this.snapshots[toCacheKey(location2)]=snapshottouch(location2)var location2=toCacheKey(location2),index=this.keys.indexOf(location2);-1setTimeout(()=>resolve(),0))(),snapshot=snapshot.clone(),this.snapshotCache.put(location2,snapshot),snapshot)getCachedSnapshotForLocation(location2)return this.snapshotCache.get(location2)get snapshot()return PageSnapshot.fromElement(this.element)class Preloader{constructor(delegate)this.selector="a[data-turbo-preload]",this.delegate=delegateget snapshotCache()return this.delegate.navigator.view.snapshotCachestart()if("loading"===document.readyState)return document.addEventListener("DOMContentLoaded",()=>this.preloadOnLoadLinksForView(document.body));this.preloadOnLoadLinksForView(document.body)preloadOnLoadLinksForView(element)for(const link of element.querySelectorAll(this.selector))this.preloadURL(link)preloadURL(link){return __async$3(this,null,function*()var location2=new URL(link.href);if(!this.snapshotCache.has(location2))tryvar responseText=yield(yield fetch(location2.toString(),headers:"VND.PREFETCH":"true",Accept:"text/html")).text(),snapshot=PageSnapshot.fromHTMLString(responseText);this.snapshotCache.put(location2,snapshot)catch(_))}}function extendURLWithDeprecatedProperties(url)Object.defineProperties(url,deprecatedLocationPropertyDescriptors)const deprecatedLocationPropertyDescriptors=absoluteURL:get()return this.toString();const StreamActions=after()this.targetElements.forEach(e=>var _a;return null==(_a=e.parentElement)?void 0:_a.insertBefore(this.templateContent,e.nextSibling)),append()this.removeDuplicateTargetChildren(),this.targetElements.forEach(e=>e.append(this.templateContent)),before()this.targetElements.forEach(e=>var _a;return null==(_a=e.parentElement)?void 0:_a.insertBefore(this.templateContent,e)),prepend()this.removeDuplicateTargetChildren(),this.targetElements.forEach(e=>e.prepend(this.templateContent)),remove()this.targetElements.forEach(e=>e.remove()),replace()this.targetElements.forEach(e=>e.replaceWith(this.templateContent)),update()this.targetElements.forEach(targetElement=>targetElement.innerHTML="",targetElement.append(this.templateContent)),session=new class Sessionconstructor()this.navigator=new Navigator(this),this.history=new History(this),this.preloader=new Preloader(this),this.view=new PageView(this,document.documentElement),this.adapter=new BrowserAdapter(this),this.pageObserver=new PageObserver(this),this.cacheObserver=new CacheObserver,this.linkClickObserver=new LinkClickObserver(this,window),this.formSubmitObserver=new FormSubmitObserver(this,document),this.scrollObserver=new ScrollObserver(this),this.streamObserver=new StreamObserver(this),this.formLinkClickObserver=new FormLinkClickObserver(this,document.documentElement),this.frameRedirector=new FrameRedirector(this,document.documentElement),this.streamMessageRenderer=new StreamMessageRenderer,this.drive=!0,this.enabled=!0,this.progressBarDelay=500,this.started=!1,this.formMode="on"start()this.starteddisable()this.enabled=!1stop()this.started&&(this.pageObserver.stop(),this.cacheObserver.stop(),this.formLinkClickObserver.stop(),this.linkClickObserver.stop(),this.formSubmitObserver.stop(),this.scrollObserver.stop(),this.streamObserver.stop(),this.frameRedirector.stop(),this.history.stop(),this.started=!1)registerAdapter(adapter)this.adapter=adaptervisit(location2,options=)var frameElement=options.frame?document.getElementById(options.frame):null;frameElement instanceof FrameElement?(frameElement.src=location2.toString(),frameElement.loaded):this.navigator.proposeVisit(expandURL(location2),options)connectStreamSource(source)this.streamObserver.connectStreamSource(source)disconnectStreamSource(source)this.streamObserver.disconnectStreamSource(source)renderStreamMessage(message)this.streamMessageRenderer.render(StreamMessage.wrap(message))clearCache()this.view.clearSnapshotCache()setProgressBarDelay(delay)this.progressBarDelay=delaysetFormMode(mode)this.formMode=modeget location()return this.history.locationget restorationIdentifier()return this.history.restorationIdentifierhistoryPoppedToLocationWithRestorationIdentifier(location2,restorationIdentifier)this.enabled?this.navigator.startVisit(location2,restorationIdentifier,action:"restore",historyChanged:!0):this.adapter.pageInvalidated(reason:"turbo_disabled")scrollPositionChanged(position)this.history.updateRestorationData(scrollPosition:position)willSubmitFormLinkToLocation(link,location2)return this.elementIsNavigatable(link)&&locationIsVisitable(location2,this.snapshot.rootLocation)submittedFormLinkToLocation()willFollowLinkToLocation(link,location2,event)return this.elementIsNavigatable(link)&&locationIsVisitable(location2,this.snapshot.rootLocation)&&this.applicationAllowsFollowingLinkToLocation(link,location2,event)followedLinkToLocation(link,location2)var action=this.getActionForLink(link),link=link.hasAttribute("data-turbo-stream");this.visit(location2.href,action:action,acceptsStreamResponse:link)allowsVisitingLocationWithAction(location2,action)visitProposedToLocation(location2,options)extendURLWithDeprecatedProperties(location2),this.adapter.visitProposedToLocation(location2,options)visitStarted(visit2)visitCompleted(visit2)clearBusyState(document.documentElement),this.notifyApplicationAfterPageLoad(visit2.getTimingMetrics())locationWithActionIsSamePage(location2,action)return this.navigator.locationWithActionIsSamePage(location2,action)visitScrolledToSamePageLocation(oldURL,newURL)this.notifyApplicationAfterVisitingSamePageLocation(oldURL,newURL)willSubmitForm(form,submitter)var action=getAction(form,submitter);return this.submissionIsNavigatable(form,submitter)&&locationIsVisitable(expandURL(action),this.snapshot.rootLocation)formSubmitted(form,submitter)this.navigator.submitForm(form,submitter)pageBecameInteractive()this.view.lastRenderedLocation=this.location,this.notifyApplicationAfterPageLoad()pageLoaded()this.history.assumeControlOfScrollRestoration()pageWillUnload()this.history.relinquishControlOfScrollRestoration()receivedMessageFromStream(message)this.renderStreamMessage(message)viewWillCacheSnapshot()allowsImmediateRender(element,options)vardefaultPrevented:element,detail:render:options=this.notifyApplicationBeforeRender(element,options);return this.view.renderer&&options&&(this.view.renderer.renderElement=options),!elementviewRenderedSnapshot(_snapshot,_isPreview)this.view.lastRenderedLocation=this.history.location,this.notifyApplicationAfterRender()preloadOnLoadLinksForView(element)this.preloader.preloadOnLoadLinksForView(element)viewInvalidated(reason)this.adapter.pageInvalidated(reason)frameLoaded(frame)this.notifyApplicationAfterFrameLoad(frame)frameRendered(fetchResponse,frame)this.notifyApplicationAfterFrameRender(fetchResponse,frame)applicationAllowsFollowingLinkToLocation(link,location2,ev)return!this.notifyApplicationAfterClickingLinkToLocation(link,location2,ev).defaultPreventedapplicationAllowsVisitingLocation(location2)return!this.notifyApplicationBeforeVisitingLocation(location2).defaultPreventednotifyApplicationAfterClickingLinkToLocation(link,location2,event)return dispatch("turbo:click",target:link,detail:url:location2.href,originalEvent:event,cancelable:!0)notifyApplicationBeforeVisitingLocation(location2)return dispatch("turbo:before-visit",detail:url:location2.href,cancelable:!0)notifyApplicationAfterVisitingLocation(location2,action)return dispatch("turbo:visit",detail:url:location2.href,action:action)notifyApplicationBeforeCachingSnapshot()return dispatch("turbo:before-cache")notifyApplicationBeforeRender(newBody,options)return dispatch("turbo:before-render",detail:Object.assign(newBody:newBody,options),cancelable:!0)notifyApplicationAfterRender()return dispatch("turbo:render")notifyApplicationAfterPageLoad(timing=)return dispatch("turbo:load",detail:url:this.location.href,timing:timing)notifyApplicationAfterVisitingSamePageLocation(oldURL,newURL)dispatchEvent(new HashChangeEvent("hashchange",oldURL:oldURL.toString(),newURL:newURL.toString()))notifyApplicationAfterFrameLoad(frame)return dispatch("turbo:frame-load",target:frame)notifyApplicationAfterFrameRender(fetchResponse,frame)return dispatch("turbo:frame-render",detail:fetchResponse:fetchResponse,target:frame,cancelable:!0)submissionIsNavigatable(form,submitter)elementIsNavigatable(element)"false"!=container.getAttribute("data-turbo"):!!container&&"true"==container.getAttribute("data-turbo")getActionForLink(link)get snapshot()return this.view.snapshot;var prototype=new class Cacheconstructor(session2)this.session=session2clear()this.session.clearCache()resetCacheControl()this.setCacheControl("")exemptPageFromCache()this.setCacheControl("no-cache")exemptPageFromPreview()this.setCacheControl("no-preview")setCacheControl(value)!function setMetaContent(name,content)("turbo-cache-control",value)(session),navigator$1=session["navigator"];function start()session.start()function registerAdapter(adapter)session.registerAdapter(adapter)function visit(location2,options)session.visit(location2,options)function connectStreamSource(source)session.connectStreamSource(source)function disconnectStreamSource(source)session.disconnectStreamSource(source)function renderStreamMessage(message)session.renderStreamMessage(message)function clearCache()console.warn("Please replace `Turbo.clearCache()` with `Turbo.cache.clear()`. The top-level function is deprecated and will be removed in a future version of Turbo.`"),session.clearCache()function setProgressBarDelay(delay)session.setProgressBarDelay(delay)function setConfirmMethod(confirmMethod)FormSubmission.confirmMethod=confirmMethodfunction setFormMode(mode)session.setFormMode(mode)var Turbo=Object.freeze(__proto__:null,navigator:navigator$1,session:session,cache:prototype,PageRenderer:PageRenderer,PageSnapshot:PageSnapshot,FrameRenderer:FrameRenderer,start:start,registerAdapter:registerAdapter,visit:visit,connectStreamSource:connectStreamSource,disconnectStreamSource:disconnectStreamSource,renderStreamMessage:renderStreamMessage,clearCache:clearCache,setProgressBarDelay:setProgressBarDelay,setConfirmMethod:setConfirmMethod,setFormMode:setFormMode,StreamActions:StreamActions);class TurboFrameMissingError extends Errorfunction getFrameElementById(id)if(null!=id)id=document.getElementById(id);if(id instanceof FrameElement)return idfunction activateElement(element,currentURL)if(element)var src=element.getAttribute("src");if(null!=src&&null!=currentURL&&function urlsAreEqual(left,right)return expandURL(left).href==expandURL(right).href(src,currentURL))throw new Error(`Matching element has a source URL which references itself`);if((element=element.ownerDocument!==document?document.importNode(element,!0):element)instanceof FrameElement)return element.connectedCallback(),element.disconnectedCallback(),elementclass StreamElement extends HTMLElementstatic renderElement(newElement)return __async$3(this,null,function*()yield newElement.performAction())connectedCallback()return __async$3(this,null,function*()tryyield this.render()catch(error)console.error(error)finallythis.disconnect())render()return __async$3(this,null,function*()var _a;return null!=(_a=this.renderPromise)?_a:this.renderPromise=__async$3(this,null,function*()var event=this.beforeRenderEvent;this.dispatchEvent(event)&&(yield nextAnimationFrame(),yield event.detail.render(this))))disconnect()trythis.remove()catch(_a)removeDuplicateTargetChildren()this.duplicateChildren.forEach(c=>c.remove())get duplicateChildren()get performAction()if(this.action)var actionFunction=StreamActions[this.action];if(actionFunction)return actionFunction;this.raise("unknown action")this.raise("action attribute is missing")get targetElements()return this.target?this.targetElementsById:this.targets?this.targetElementsByQuery:void this.raise("target or targets attribute is missing")get templateContent()return this.templateElement.content.cloneNode(!0)get templateElement()var template;return null===this.firstElementChild?(template=this.ownerDocument.createElement("template"),this.appendChild(template),template):this.firstElementChild instanceof HTMLTemplateElement?this.firstElementChild:void this.raise("first child element must be a
