Macro Outlook - Weekly
Looking at the weekly. SPY is in a uptrend creating a higher low at 376.42 (12/27/22) and breaking the swing high of 410.49 (12/12/22). Next weekly swing high is 431.73. Vix is between 12-20. Additionally just bounced off an hourly broadening formation. AMEX:SPY
Bull Case
Gap fil at 421.20, 222 Bull RJ on Daily, Trading above...
Monthly
TA - Still with overall down trend on the monthly as direction remains bearish with a support level at 321 (which also happens to be around the 0.618 fib retrace level).
Using the strat method, the monthly chart is still in consolidation as the month of March reflects a "1" scenario. A break of 318.25 will give a 2D and a break of 370.10 will give a 2U ....
