Market forming a rising wedge for the whole 30 days. Five larger waves each time but basing at the 3925-50 area each time, this during the biggest holiday season of year. Time to decide. Breakout of down. TODAY is turning out much the same, seesaw back and forth in a very narrow tight range. Seems the consumer is doing just fine and NO RECESSION is in sight. NONE! Inflation is continuing the way it did in the early 80's, straight up.
I marvel at the ability of investors to focus on the positive and completely discard the negative. For a balanced review they would see earnings projections are not only weak but getting weaker as we speak.
The 30 day nowhere market has to decide and it can't meander here for another month. We either breakout in a decisive way or breakdown in a dramatic way. The timeline is squeezed. A drop below 3900 this time sends it quickly to 3750. SIX attempts in the last 1.5 hours with spike moves just above flat and each time, so far, revert back down.
TODAY to stall a deep drop soon it MUST breakout and stay in the GREEN at closing.
Stubborn market. Every time the market looks like it is about to roll over the cliff we see candlestick patterns pop up that is bullish. Seems so far they front run the move. Can't do it forever especially when reality is so stark you must ignore the technical readings from these option plays.
I now count SEVEN attempts to go green. When will the market decide? Still believe today and still believe we break below 3900.
AI
