Just an idea, I definitely could be wrong. everybody is talking about a 2023 recession but the sp 500 has closed 3 weeks in a row near the high of the week. Sure its in a range but 3 bullish hammer candles in a row on the weekly chart? there must be some sort of institutional buying at the 3800 level because every time we go there I see a bounce back up. I feel that a possibility that would be the against the crowd is a strong move up on equities. I feel that a move lower is kind of expected, its the consensus and as we know the market moves against the crowd most of the time. I do believe we are heading lower at some point this year but keep you guard up for a strong move up to flush out the shorts followed by a move down when its least expected.
from a trading perspective I will only be bullish above 4100. i feel the likely scenario is a pop to 4050 followed by a strong move down
let me know your thoughts in the comments below I do respond to all comments. have a fantastic weekend :)
from a trading perspective I will only be bullish above 4100. i feel the likely scenario is a pop to 4050 followed by a strong move down
let me know your thoughts in the comments below I do respond to all comments. have a fantastic weekend :)