Midday Update: 2023-01-27
A bit of whiplash in the early morning
S&P 500 has been on track with the bullish forecast put forth in the evening post. There was a bit of whiplash with the drop from 10am but that has been recovered. I favor a push past 4081 to 4095 or 4103 but it need not be rapid as it could target that zone on Monday.
Interesting that crude rejected the prior high again now making it a triple top. Bears really need under 78.50 to feel good about a possible reversal.
How about a quick look at NG. The alternate count has pulled ahead which treats the drop from early December as a low degree third. That implies a bounce and retest or new low before the pattern is complete.
Can you please take a look at ZW (wheat futures). It's making a bottom with a 5up? Thanks a lot.