Midday Update: 2022-12-23

Santa trying to takeoff

Photo by Hush Naidoo Jade Photography on Unsplash

I think the odds favor the low yesterday marking the wave (i) low in the equity indices and now working on a bounce through the first few days of January in a wave (ii). 3887.50 or 3935.75 are both good targets for wave a of (ii). Possible that 3838.00 is retested again though wouldn’t count on it. I suspect that while today is technically a full day, that many traders took advantage of the volatility around the economic numbers to trade and then started the Christmas holiday early.

Rising in a of (ii)?

Merry Christmas.