Stock Market's Next Move, Bullish But SPY 405 Key Short Term Level
Annual Technical Bias: (SPY 200 day): Up
Annual, January: Up
Monthly Technical Bias: QQQ 285, Up
Weekly Technical Bias: Down
Next Day Technical Bias: Up
EPS Fundamental Bias: Neutral
Fed Fundamental Bias: Neutral
Overall Medium Term View: Bullish
Overall Short Term View: Bullish
Above is our daily snapshot subscriber view to keep us in-tune and building conviction in what's to come.
I'm overall bullish as you know. I have no changes fundamentally. The Fed's slowing down hikes and the economy is beating expectations in a bearish-sentiment market.
Ahead of Friday (to subscribers) because I saw our weekly and daily were together pointing down I was less bullish for Friday.
The market tested our key near term 405 SPY level on Friday and held by the close.
This is not a market right here-and-now, short-term to back up the truck.
Last year the theme, if you were a subscriber you remember was fake-out-break-out. Every time the market looked like it wanted to break-out it failed.
This year so far has been 'only up.'
This is the first time this year the market is trying to turn down. Let's see how it manages and maybe use action as a guide for future periods like this. This being the first time this year of it trying to turn down, let's be humble and see what it wants to do.
I said last week, later in the week, to subscribers that the market was 'leaning' down but a close below 405 SPY would confirm to me the market can have follow through on the downside.
The longer it holds above 405 though, the greater the chance it goes back up, ie failing to break down.
Again, for now it's held and Tuesday (Monday's a holiday) looks better to me on a daily basis.
As usual, we take it step-by-step.
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