Wednesday, February 1, 2023

SPX Update: "__ _____"

Today is a Fed day, which at least (likely) means that for the next update, we'll be able to talk about something other than "no material change."  I've been saying "no change!" so much lately that I'm starting to feel like I'm walking down Broadway at lunchtime, trying to placate aggressive panhandlers.

So for today's update... sorry, I only have credit cards on me, no (spare) change.

But!  I did want to call attention to the blue trend line on the chart below, in case it becomes relevant:

SPX did whipsaw the first breakout of the rising wedge, but so far has not followed through on the downside:

The intermediate view is still the same:

In conclusion, we'll likely get some resolution soon, courtesy of the Federal Reserve.  Trade safe.

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