Market does look shaky here, ready to make another trip down to the low end of the recent range, but I think it will hold. The bulls aren't making ground but the bears are slow to move the tape as well. Considering the increased volatility they really aren't making much progress.
weve gone 33 days without at least coming close to the upper bb on daily spy. very rarely has it gone much further than this. im not sure what people are expecting. i do know that extreme bearishness emerges near the end of corrections, and i believe were seeing some extreme bearishness now.
unless people are expecting just a short term drop to lows and that is the bottom. that would work. but long term bearishness NOW is completely unwarranted imo
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23
Market health using NYAD is very healthy. New all time highs in NYAD. It has been pretty predictive of forecasting declines when there's a negative divergence, so it seems reasonable it could forecast an eventual rise to new highs when there is a positive divergence as it is showing now at all time highs.
SPX 15m.. horizontal purple channel bound 2060 / 1994 - possible lines, possible red arrows for FOMC fireworks. Will they say anything we are not expecting?.. seems doubtful ..looks like morning gap will be filled
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indeed another leg, now rebound this time might be a little larger.
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SPX possible support.. VIX resistance.../ possible messy invs H&S should it make a higher low.. … neckline still could be revised higher ..SPX..lunchtime drift up to FOMC
this rebound shall have legs if not the low was in.
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