I suspect the Spy will continue to go up at least until March 1, 2024.
There were 2 budget deadlines for the US set for Jan. 19th and Feb. 2 of 2024. But both of those deadlines have been pushed out in the future.
The first budget deadline at midnight on January 19 was pushed out to Mar.1, 2024 includes the following areas: Agriculture, Rural Development, and the Food and Drug Administration; Energy and Water Development; Military Construction and Veterans Affairs; and Transportation, Housing and Urban Development.
Next on Mar.8, 2024, the remaining areas would lose funding. These are: Defense; Commerce, Justice and Science; Financial Services and General Government; Homeland Security; Interior, Environment and Related Agencies; Labor, Health and Human Services and Education; The Legislative Branch; and State and Foreign Operations. The previous deadline for this was on Feb.8, 2024.
I suspect there will be another triangle that can be drawn in the future with the tip around the beginning of March, but we will have to wait until we have some more points are formed on the chart to draw from. For now, all I can conclude is that the market will go up for a little while due to the weekly and daily indicators changing.
There were 2 budget deadlines for the US set for Jan. 19th and Feb. 2 of 2024. But both of those deadlines have been pushed out in the future.
The first budget deadline at midnight on January 19 was pushed out to Mar.1, 2024 includes the following areas: Agriculture, Rural Development, and the Food and Drug Administration; Energy and Water Development; Military Construction and Veterans Affairs; and Transportation, Housing and Urban Development.
Next on Mar.8, 2024, the remaining areas would lose funding. These are: Defense; Commerce, Justice and Science; Financial Services and General Government; Homeland Security; Interior, Environment and Related Agencies; Labor, Health and Human Services and Education; The Legislative Branch; and State and Foreign Operations. The previous deadline for this was on Feb.8, 2024.
I suspect there will be another triangle that can be drawn in the future with the tip around the beginning of March, but we will have to wait until we have some more points are formed on the chart to draw from. For now, all I can conclude is that the market will go up for a little while due to the weekly and daily indicators changing.
Comment:
The weekly indicators have changed and are looking bearish, so I suspect the market will go down between now and within about 1 month. Also, in a Presidential election year, the market tends to dip briefly in May to June before going back up in July until the election. We are also seeing a descending triangle forming which means the market could decline or go back up. I will be drawing an updated chart shortly.