It’s annoying, I know, to see the /ES lurch 30 points higher based on ceaseless bullish memories of the easy times they enjoyed from 2009-2021.
Keep the bigger picture in mind, however, even if it’s just a couple of extra days. These lurches aren’t changing the larger trend.
More important, the Fibonacci resistance has proved itself a reliable friend of the bears for a very long time.
Of course, in this FOMC-controlled universe we are cursed to live within, there are two big Powell events on the horizon:
- He has a speech tomorrow, Tuesday, at 9 a.m. PST; and
- The CPI comes out next Tuesday, Valentine’s Day, which will feed Powell’s head with his next interference with what should be a natural, organic market but is instead a beast run by banks and bureaucrats.
