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Everything going slow today as I’m really not feeling 100%.
SPX went slightly below my 1997/8 target and established a slightly lower falling megaphone support trendline at 1993. On my main scenario that has been playing out very nicely so far, the next target within the megaphone in megaphone resistance in the 2096-9 area. We’ll see. The important resistance levels today are marked on the chart below. SPX daily chart:
Just one more day until FOMC, folks! Exciting, isn’t it?
Having gone from 100 shorts to 37 (and intending to cut further before Janet), and actually having a couple of large long positions, it’s far less distressing to see ES and NQ up so strongly. I didn’t chop shorts arbitrarily; I tried to keep those whose charts looked so outstanding, I wanted to hang on to them, maybe even though FOMC. One of them, 3M, is doing good things this morning pre-market. It’s one of my largest remaining positions, and apparently things aren’t going so hot in the land of Scotch tape and Post-It Notes. Here’s a short-term chart as well as an arrow indicating pre-market trading.
