75 replies to this topic

[redfoliage2]

SPX has got back into the up trend, expect dips to be bought .....................

[redfoliage2]

Stock market under selling pressure as Powell testifying in the Congress, saying rates likely to go higher than previously anticipated .............................

[redfoliage2]

However, VIX barely budged and the 10 yr yield currently down.   I see the dip is likely to be bought .......................

Edited by redfoliage2, 07 March 2023 - 11:07 AM.

[redfoliage2]

The recent correction was likely done and SPX is resuming the wave-5 moving up.   SPX has been on a 5-wave moving up pattern since the Oct 2022 low and currently on the wave 5 up with a theoretical target at 4250 ...................   

Edited by redfoliage2, 09 March 2023 - 09:51 AM.

[linrom1]

Fake out today, was supposed to be yesterday on WWW day.

[redfoliage2]

Obviously the market was hit by some rumor around mid of the day, but tomorrow it may turn out to be fake.   I have to say the current market is very touchy ......... ...............................

Edited by redfoliage2, 09 March 2023 - 03:40 PM.

[redfoliage2]

Today's move made fatal damages to the otherwise bullish settings as it sent SPX back under the 2022 down trend line and the 200 dma.  Even Powell's hawkish words at the Congress didn't cause such damages Tuesday and Wednesday.......................

Edited by redfoliage2, 09 March 2023 - 10:38 PM.

[redfoliage2]

Index futures turned up upon fresh job data.  SPX 200 dma at 3941 should be recovered today ............................

Edited by redfoliage2, 10 March 2023 - 08:51 AM.

[redfoliage2]

Index futures turned up upon fresh job data.  SPX 200 dma at 3941 should be recovered today ............................

But it looks going to gap down at the open as NFP still strong, higher by 311K.  If SPX unable to recover the 200 dma by the close today there will be more bear attacks in March .................................

Edited by redfoliage2, 10 March 2023 - 09:30 AM.

[redfoliage2]

To reverse the bearish setting SPX needs to bounce back to above the 200 dma currently at 3940.51...............................