Friday, January 13, 2023

SPX and NYA: Today's Update is Brought to You by the Letter "?"

CPI gave the market whiplash yesterday, but a few interesting things happened in the process.

First, SPX finally reached the red "?" to the [I want to say "to the letter," but ? isn't a letter, at least not in the English alphabet].  

I haven't updated this chart because Stockcharts will delete all my annotations and I'll have to start over.  The annotation from 1/11 contains an extra sentence, which I had edited out (via Photoshop, due to the aforementioned Stockcharts bug) when I first published this chart.

Took a little longer than shown, but here's how that chart looked on December 28:

Second, NYA finally made a new high (though still short of its "textbook" target, which, again, does not necessarily need to be hit on the button):

In conclusion, SPX is now dead-on the red inflection zone shown in December, so we'll see how it reacts.  Trade safe.

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