SPY Daily - 01/23/2023
Note in this SPY Daily Pattern we have reached and exceeded the upper trend and have now passed through it. I would also point out on the chart, this has happenned before in this bear market (previous several "rip your face off" bear market rallies).
One thing that has my brow furled here is notice the last low is a higher low, again looking like a C&H..... Eventually one of these rallies will pivot, but fundamentals tell me not for a while. That said, Fundamentals havent wporked since FEB 2020. Im sure they will again someday, but there are so many macr factors going on right now, it could be another 2 years IMO. I guess we find out how markets react to this earnings coming in, and of course the FOMC rate hike (.25 is pretty baked in now imo).
One thing that has my brow furled here is notice the last low is a higher low, again looking like a C&H..... Eventually one of these rallies will pivot, but fundamentals tell me not for a while. That said, Fundamentals havent wporked since FEB 2020. Im sure they will again someday, but there are so many macr factors going on right now, it could be another 2 years IMO. I guess we find out how markets react to this earnings coming in, and of course the FOMC rate hike (.25 is pretty baked in now imo).
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