12102023 - #SPX

2023년 10월 12일

I am bullish SPX yesterday; it was somehow a choppy move but the direction is clear. You could short it and make money (of course) but the direction is much clear.

And if you look at the levels provided yesterday (tradingview.com/chart/SPX500USD/km9fP8mu-11102023-SPX/) it was another perfect move. Market initially based at the PZ as per arrow given, rallied almost 20 points to top of WBZ, then weakened and pulled back. But if you noticed how DAX made such a minor pullback (made higher low) you know the weakness is nothing. And market rallied to highs after the FOMC minutes were released.

My near term target is clear and still remains. But anyway, so price action is bullish and trend is up. Be bullish until proven otherwise. US CPI today, would likely be market moving. PPI yesterday was hot, thus expect CPI to be similar. I am not sure how the market will move or react but IMO, direction is still up. If market dip on CPI, look at 4366 to go for a good long up.

If instead, market just base above PZ before CPI and rallied straight, 4430/40 will be the price target and expect a strong pullback from there.