The Bear Market Resumed?

The US stock market remains trendless and confined in a well defined range waiting for the big techs to report ........................

Now ES is at the exact lower boundary of the well defined range ES 4100 - 4200.  However, I see the name of the game still buying dips and selling bounces till the Fed meeting on the May 3rd when the big decision will be made for the market .....................

Edited by redfoliage2, 25 April 2023 - 02:03 PM.

Update

ST the game is still buying dips and selling bounces, but longer term the market has topped .........................

A huge countertrend bounce today ...........................

PCE data out today indicate inflation remains sticky  - core PCE MOM stays the same at 0.3% and core PCE YOY 4.6% from 4.7%, higher than the consensus 4.5%.  With asset prices at multi-month high what the Fed will do next week?  I see it has no choice but to stay hawkish ............................

Edited by redfoliage2, 28 April 2023 - 07:57 AM.

What we are seeing today is a trend reversal from last week's EOM pumping, lower boundary of the range at ES 4100 likely to be tested soon................................................. 

After the Fed day it looks the market still stays range-bound.  If ES 4100 support can hold we are likely to see it on another trip to 4200 ..........................

Edited by redfoliage2, 03 May 2023 - 11:55 PM.

Last Friday the stock market got a huge bounce, that sent ES back above 4100.  However, the market internals were lagging.  ST we are likely to see a back test on ES 4120 ..............................

Edited by redfoliage2, 07 May 2023 - 11:58 PM.

The market breadth collapsed today together with a negative money flow.   I see this bounce is running out of steam.................  

Edited by redfoliage2, 08 May 2023 - 03:11 PM.

As the breakout line ES 4120 was successfully tested last week ES is likely to stay in the well defined range 4100 - 4200 until something heavy such as US default comes in to cause a breakdown or breakout of it..................................