My thoughts on equities:
Equities are coming into an important 382 fib support if you draw a fib retrace from the covid low.
That support ranges from roughly 3700-3500 when I compare the wick to wick and the close retraces on this monthly timeframe.
That support range seems, to me, the likely place to expect buyers to come in as we head into 2023.
But If not, roughly 3200, where the covid drop initiated, is the 618 from where we are. Both levels are possible obviously.
What happens in the future is what will depend on which of these levels is the best place to plan for.
I don't know how much more the fed can do with pushing markets into free fall so I will plan for 382, like I said.
That support ranges from roughly 3700-3500 when I compare the wick to wick and the close retraces on this monthly timeframe.
That support range seems, to me, the likely place to expect buyers to come in as we head into 2023.
But If not, roughly 3200, where the covid drop initiated, is the 618 from where we are. Both levels are possible obviously.
What happens in the future is what will depend on which of these levels is the best place to plan for.
I don't know how much more the fed can do with pushing markets into free fall so I will plan for 382, like I said.
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