SPY 200MA retest incoming.. Still.

1 Feb 2022

Hello Traders,

We've seen a pretty bullish start to the week. AAPL is what, 8pts from it's ATH's.. Pretty impressive numbers in that ER, but with the volatility we're seeing it's still a little surprising.
I'm not going to say we're entirely out of the woods yet, but what I will say... The doom and gloom that blasted the frontpage everywhere was quite a bit overplayed. Geopolitics is still a non-starter (with the exception of barrel prices.. no one cares right now), and rising rates are a mixed bag, they will push inflation downward and the banks/high cash balance sheet companies (think AAPL/GOOG/BRK.A/BRK.B), will be essentially unaffected or given a competitive edge against startups/small-cap growth.

I think we will see more volatility as the year progresses, however, I don't think it will be exceptionally different than other midterm years.
We may hang around the 200MA a little longer than a Bull or a Bear would hope, but we'll definitely see pops in both directions.

Again, retest of the SPY 200MA is imminent.. Still!
Could even hit the gap-up and later retest it as support.

Good luck traders.

Cheers,
Mike

(UPRIGHT Trading)