Shorts paid a heavy price today. I had warned you about this in my last post,
as the S+P 500 reclaimed it's 200 Day Moving Average at 4050
to Close at 4080, on "dovish" talk by the Fed Chairman, suggesting interest rake hikes may slow
which propelled the market sharply higher, with the S+P 500 Closing "up" 3 %
However, close analysis now shows 15 Min RSI on the S+P now at a "potential double top"
and the sharp price breakout rallied all the way back to important parallel price resistance at 4080 (See Chart)
What comes next, is anyones guess,but I can tell you tonight with absolute certainty,
that the stock market has now,not priced in any margin whatsoever for error.
SPX Last 4080.11
THE_UNWIND
11/30/22
The Woods of Connecticut
as the S+P 500 reclaimed it's 200 Day Moving Average at 4050
to Close at 4080, on "dovish" talk by the Fed Chairman, suggesting interest rake hikes may slow
which propelled the market sharply higher, with the S+P 500 Closing "up" 3 %
However, close analysis now shows 15 Min RSI on the S+P now at a "potential double top"
and the sharp price breakout rallied all the way back to important parallel price resistance at 4080 (See Chart)
What comes next, is anyones guess,but I can tell you tonight with absolute certainty,
that the stock market has now,not priced in any margin whatsoever for error.
SPX Last 4080.11
THE_UNWIND
11/30/22
The Woods of Connecticut