Powell is speaking before the markets today, be wary of any hard sell off as it is likely a bear trap. Many bears still not believing the rally and a quick down and up should make mincemeat on both sides of the trade. I still expect a bit higher to 4100 area.
www.cnbc.com/2022/09...-cato-institute.html
www.cnbc.com/2022/09...-cato-institute.html
Komen:
potential structure from top points to about 4020 as resistance/proit point (as of now)
Komen:
maybe it finds support here
Komen:
Found support, over 4k next, We'll see if it can get to 4100 probably next week.
Komen:
possible another trap and we go lower before more upside. like I said last week - choppy markets for the next few days.
Komen:
Hourly bear divergence on this chart warning of a pullback here.
Komen:
One more low today to test 3920 support and I think it rallies past 4k again into next week. Chop city - all technical.
Komen:
SPY looking like a cup and handle
Komen:
that may be it, hard to say. If the cup and handle plays out on spy the target is the neckline of the H+S, around 413. Will update at close.
