Midday Update: 2023-01-23
Squeeze the bears some more on a low news Monday
This morning I’m going to use the S&P 500 futures 240-minute chart. Last week the 62% retrace was rejected which led to a quick drop to just above what I’m calling wave [I] of c of (ii) which held and thus could still qualify for a very deep wave [IV]. After that, S&P 500 futures advanced on Friday with follow-through up today. Now that ES is on top of the 62% retrace, best to assume that they stretch for the next wave c to a relationship at 4062.75 or the 75% retrace at 4081.75. Not listed on this chart is a minor resist value at 4050.25 that is slowing the morning advance. Bulls are in charge while above 4033.50 and probably not in serious danger while above 4026.00.
