BIG Weekly Bearish Wick in S&P

Good morning traders/investors/speculators. We're coming up on the close of one of the most volatile weeks we've seen in some time after CPI and FOMC data.

Just looking at the weekly candle it feels/looks extremely bearish. Seems that the bulls tried to push and hold above 4k, but the bears came in to smash them right back down.

When evaluating US Equities we always start with the macro economy, and work our way down.

Regardless of the better than expected inflation numbers, there's nothing to celebrate about +7% inflation. Still bearish, and still think we can push to new lows going into Q1 2023.

For the second time this month S&P could not stay above the 200MA, and to me that is a sign we are still weak.

I'll be looking for shorts on breaks below 3950 and algobuddy "bear" signals on all time frames.

As much as I'd love to be a bull, the numbers are still not allowing me to be.

Good luck all,

Stay humble, and always question your biases. Don't forget to live to trade another day, don't take yourself out by over trading and/or over leveraging.

AlgoBuddy Team