Friday's March 24,2023 rally,
off the opening low of 3909 ,
holding the 200 Day Moving Average at 3932,
and then rallying back all the way back above SPX 4000,
for an almost 100 point snap-back in just two days,
has caught a lot of traders in an uncomfortable position
of "not knowing what to do next".
Certainly the rally "defined "a short term capitulation bottom.
S+P 500 trading right now is "banded"
caught between the 50 Day Average at 4014,
and the 200 Day Moving Average at 3932
For me, this is not at all a comfortable US stock market rally to enter.
The international banking concern of confidence
shows as I have been pointing out repeatedly
"that something else is going on"
And it is "not ",
going to just disappear overnight.
I REMAIN BEARISH on US stocks
although at this point,... anything "can" happen.
SPX NOON EDT OPEN 3973.85
THE_UNWIND WOODS OF CONNECTICUT
off the opening low of 3909 ,
holding the 200 Day Moving Average at 3932,
and then rallying back all the way back above SPX 4000,
for an almost 100 point snap-back in just two days,
has caught a lot of traders in an uncomfortable position
of "not knowing what to do next".
Certainly the rally "defined "a short term capitulation bottom.
S+P 500 trading right now is "banded"
caught between the 50 Day Average at 4014,
and the 200 Day Moving Average at 3932
For me, this is not at all a comfortable US stock market rally to enter.
The international banking concern of confidence
shows as I have been pointing out repeatedly
"that something else is going on"
And it is "not ",
going to just disappear overnight.
I REMAIN BEARISH on US stocks
although at this point,... anything "can" happen.
SPX NOON EDT OPEN 3973.85
THE_UNWIND WOODS OF CONNECTICUT