Daily Bias for the week of 1/17/23 - 1/20/23

This week preparing my daily bias has been a bit tougher than last week. Fundamentally I am bearish! There are too many signals in our economy that we have a deeper bear market in store for us, possibly deeper than we saw in 2022. However, putting that aside and putting to practice solely what I see on the chart, which is what this weekly exercise is for, this chart represents my bias for the upcoming week.

There are 4 points to the trend line which represent the general direction I anticipate price travels during the upcoming week. We may go higher and then pivot lower, however, the general direction for the week is what I am expecting more so than getting it correct each day.

Let's see how this week plays out! I am quite pleased with the results from my previous daily bias, however, this exercise is not about being right or wrong and ego is out of the equation. This is simply taking what I have become quite good at on lower time frames and implementing it on higher time frames.

Happy trading folks!

Comment:

Well I sure miss the mark on this one! After today we sure did turn things around and the market seems to be looking higher. The rally today was clearly algo driven, there was no good / bad news today. The one home sale news event was mostly neutral. Which fires up the algos with "that must be good" so here we are.

From a technical standpoint I see quite a lot of areas above that have large liquidity pools as well as below. However, I think we are going to continue up, for the most part, next week. New bias will be out over the weekend!