SPY - do that to me one more time

Feb 7, 2023

Looking for capitulation around 420 or more for the final 5th wave of C. Now that all the Powell traps are done, a final wave to the channel high (and slightly above) should finish this rally.

No doubt bears are going to start throwing in the towel around here - 5th wave of C can be intense and painful if you are against it.

I prefer to collect shorts above 419 slowly. Target is eventually 360 where various technical confluence lies - double bottom area, and Monthly BB among many other important weekly and monthly MA's.

Good luck!

Feb 7, 2023

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SPY monthly target area 365-355.

Feb 7, 2023

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note we are pushing up against the monthly 20 and 18ma's. They can get above them a bit , but I think February closes below both.

Feb 8, 2023

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on futures - 4190 has been stiff resistance for the last few rallies - including yesterday. Bulls need to breach that, otherwise it could be a double top forming. Bias is still up and Slow Stochastic is still embedded bullish.

Feb 8, 2023

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interesting inner structure on futures -

Feb 8, 2023

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lots of fed speakers today. It's possible we already had a first impulse and yesterday was it's correction. Today may be a surprise to the downside.