Correction----I have reanalyzed and found something that I had missed. I now see that the retest of the neckline already occurred Jan 25, so for me, I am good to go from here.
If have said this before -- If 2023 isn't an up year, it would be a major statistical outlier with all of the data points we have now. Accordingly, I would rather focus on the long side while managing risk rather than focus on the short.
the year is still young, 7.6% ytd is an outliner already. wait for a big pullback before putting a long hat on.
Curious. How many of those data points had the FED juicing the markets in a zero rate market? I'm not overly bearish or anything. Just think it's something to keep in mind.
As long as ~ 20/25 holds here, I think we'll see a move back inside Friday's range. Maybe even the full gapfill at 4147,75. Not sure if it's the day to be greedy on the long side, though.
Or will we see a repeat of last Monday where "nobody" realized it was a down day before the market closed...? I'm long from 23, but will not give it much wiggle room. Maybe 16-17. Targeting a move to 34 - 40. Maybe 4150 if momentum picks up. Probably back to 4100 if we drop from here, but it appears less likely right now.