The Powell chop - SPX500

2022년 9월 8일

Powell is speaking before the markets today, be wary of any hard sell off as it is likely a bear trap. Many bears still not believing the rally and a quick down and up should make mincemeat on both sides of the trade. I still expect a bit higher to 4100 area.

cnbc.com/2022/09/08/watch-fed-chair-jerome-powell-speak-live-in-qa-at-the-cato-institute.html

2022년 9월 8일

노트

potential structure from top points to about 4020 as resistance/proit point (as of now)

2022년 9월 8일

노트

maybe it finds support here

2022년 9월 8일

노트

Found support, over 4k next, We'll see if it can get to 4100 probably next week.

2022년 9월 8일

노트

possible another trap and we go lower before more upside. like I said last week - choppy markets for the next few days.

2022년 9월 8일

노트

Hourly bear divergence on this chart warning of a pullback here.

2022년 9월 8일

노트

One more low today to test 3920 support and I think it rallies past 4k again into next week. Chop city - all technical.

2022년 9월 8일

노트

SPY looking like a cup and handle

2022년 9월 8일

노트

that may be it, hard to say. If the cup and handle plays out on spy the target is the neckline of the H+S, around 413. Will update at close.