Monthly Archives: February 2023

8:00 am Good Morning! SPX futures rose to 3998.00, short of yesterday afternoon’s high at 4000.47.  The 50-day Moving Average is at 3980.71, which must be broken to continue the decline.  Overhead resistance is at 4040.40.  Should the decline follow … Continue reading →

9:52 am BKX, our liquidity proxy, has a probable day left in its correction mode.  Intermediate-term resistance is at 110.30, while the 38.2 % Fibonacci retracement is at 110..70.  While it could go higher, time is running out for this … Continue reading →

10:35 am SPX is pausing near the late January low at 3949.06.  Should there be a significant bounce (at least to the 50-day Moving Average), this formation may be activated with a target date of March 1. As an alternative, … Continue reading →

12:05 pm SPX has crossed beneath the 50-day Moving Average at 3978.91 after bouncing from it yesterday.  There may be another 4.3 days of decline from this morning’s high.  Mark your calendars for March 1 for a probable low.  A … Continue reading →

8:30 am Good Morning! SPX futures have made an anemic bounce to 4013.00, and have since receded.  The decline may continue, at least to test the 50-day Moving Average at 3977.20.  The downside momentum is still palpable, though it may … Continue reading →

12:21 pm SPX has crossed Intermediate-term support at 4023.95, confirming the sell signal.  The 50-day Moving Average lies at 3976.59.  So far, no bounce is taking back the loss.  Should the decline continue, a bounce may occur either at the … Continue reading →

9:45 am Good Morning! Tis is just a brief summary of what you may expect over the next week.  The options market seems to dictate price action, which is wedged between 4150.00 and 4050.00.  The current action suggests the upper … Continue reading →

7:45 am  Please Note:  I am leaving for a week-long vacation on Monday, February 13.  I will be returning late on February 20.  I may not be capable of writing in my blog during that period of time.  Good luck … Continue reading →

11:58 am SPX declined from its spike high at the open, as indicated earlier.  Despite the Cycle Top on February 2, the trend still appears to be “higher.”  Short gamma appears in the options chain at 4050.00, in line with … Continue reading →

2:25 pm SPX appears to be declining to 4100.00 or possibly deeper, then a probable bounce back to 4130.00 to 4138.00.   1:25 pm BKX, our liquidity proxy, has been lingering near its Cycle Top resistance at 115.77 for a … Continue reading →