Midday Update: 2022-12-07

The forecast for equity consolidation on plan

S&P 500

Here is the SPX version of the hypothesis put forth in the morning forecast, that SPX and kin were due for a minor consolidation. So far, SPX has put in a ceiling just under the first resistance for a small fourth wave at 3960. As I type this, the markets are hugging the middle of the range and thus no decision has been made. I think the form of …