ES Monthly - 1 Tick-Dip In @ 3639

The Tick Dip-In implies the 3588 Monthly Pivot will be broken to the downside.

SPY Gaps including the breakaway Gap remain @ 338, 285, and 230.

I anticipate these levels will be filled into October 2023.

The 225 Level will ultimately give way to far lower.

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Long Term, the Structure and Price Ratios clearly show Institutional Monies
are NOT positioning for a larger Counter Trend.

This is illustrated in the Bonds Market on the Entire Curve from 2's to 30's.

When Yields begin to retrace and the Mega-Caps continue to decline, there is
no one on the Other Side.

No One, not a sole Institution.

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Bonds and the Dollar are catching the Bid, the DX remains in the Outsized position.

In effect, mimicking EU participation rates which are outsized 2X to cash vs, USA
Investors.

We see the Effect for the Euro/XEU/6E - The War on holding Currency is well underway
with LeGarde offering a 25 Bip Hike. A very weak undertaking against Inflation which
remains the Highest within the Anglosphere.

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Price continues to provide opportunities. We see broader ranges to the downside
which leaves larger Wicks in concurrent Larger TF's. The Quarterly Charts have a
decidedly Bearish look ahead of Q2 EPS.

Will we see an attempted Stick Save into Q2, albeit a front run due to warnings
which continue to mount for ALL SPY Sectors - we need to consider WAll Street
would in all probability - want a slightly higher fill, ahead of the next Dump.