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well, guess that's it for today. Wednesday tomorrow has been very bear friendly and nowadays the 1st trading day of the month is no longer bull friendly. thank you guys, I'll see you tomorrow.
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Worth watching:
TRAN (top panel) has been in a four-month box characterized by lower highs, a trendline breakdown, and firm support at the bottom edge of the box.
The other indices are looking like wedges, except IWM/RUT (bottom panel) which is still the strongest link, and the only one still working higher highs (HH).
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
SPY has not visited the upper bb in 30 trading days. its actually getting long in the tooth again. we went something like 42 trading days without visiting it earlier this year which is like the limit. the only time it avoids the upper for longer than 45ish days is during a recession (which this is not). that limits the downside looking ahead. we should hit the upper bb in 3 weeks or less.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23
Al_Dente wrote:Worth watching:
TRAN (top panel) has been in a four-month box characterized by lower highs, a trendline breakdown, and firm support at the bottom edge of the box.
The other indices are looking like wedges, except IWM/RUT (bottom panel) which is still the strongest link, and the only one still working higher highs (HH).
331tran.png
fed is trying to hand off more of the economy to the private sector by ending QE and maybe raising interest rates. investors are not sure where the growth will come from. businesses have pulled in their horns and hoard cash instead of investing in growth / r&d. this would be a good moment for Obama to start cutting business regulations to kick start the cycle and get businesses spending. im guessing he will attack businesses instead and we wind up with QE 4.
bearish as of SPY 406 on 2/17/23
currently: end bearish as of SPY 406 on 3/6/23