Hey TV Fam -
My chart shows a rising wedge coming up to the .786 Fib resistance from ATH.
Bullish news: more than 2 weekly closes over the .618 Fib resistance from ATH.
Possible bearish news: more rate hikes could cause correction, but it is not until the Fed pivots that we see a reversal in markets.
With liquidity coming in from the SIVB bailout in March, it is hard to tell at this time if we fall below the 3800 level for SPX, and more importantly, the October 2022 low.
At this point, I am short term neutral until something dramatic is introduced into market sentiment.
I am long-term bearish until Q1 2024.
In fact, I am so bearish, I think I will have some smoked salmon with my bagel right now.
My chart shows a rising wedge coming up to the .786 Fib resistance from ATH.
Bullish news: more than 2 weekly closes over the .618 Fib resistance from ATH.
Possible bearish news: more rate hikes could cause correction, but it is not until the Fed pivots that we see a reversal in markets.
With liquidity coming in from the SIVB bailout in March, it is hard to tell at this time if we fall below the 3800 level for SPX, and more importantly, the October 2022 low.
At this point, I am short term neutral until something dramatic is introduced into market sentiment.
I am long-term bearish until Q1 2024.
In fact, I am so bearish, I think I will have some smoked salmon with my bagel right now.