Weekend Market Review December 11, 2022

A quick thread to help you prepare for the week.

❓What are the charts telling you?

❓What is the market waiting for?

❓What is the bullish and bearish case?

$DIA $SPY $QQQ $IWM

We already know the market is waiting on CPI and the Fed so I’ll get straight to the charts.

If you missed that part, read this from Wednesday.

https://www.trading-adventures.com/p/waves-and-cycles

$SPY — Not quite an inside day. But it is 3 days well inside of Tuesday’s range.

Waiting.

The 8-day is pushing down a bit and at the close, it is also below the 21-day.

$QQQ — Similar situation; a tight range for three days and now just under the 8/21-day EMAs.

$IWM — Continues to be relatively weak. It breached Tuesday’s low and closed on the 50-day.

$DXY — No harm from the Dollar this week.

$VIX — Volatility is staying fairly subdued.

The Bull Case is very straightforward.

$SPY must stay above 390 and resume movement back towards 410 and beyond.

The Bear Case is simply the opposite.

Below $SPY 390 and we’re looking back to 370 and 350.

Consensus says CPI and The Fed next week will be the catalyst.

The near-term direction will depend on those reports.

It's very important to be ready for a move in either direction.

Go here for

🔹Bigger picture with the weekly charts

🔹To get further prepared for next week

🔹Form a plan for whichever direction the market decides to move

https://twitter.com/Andy__Moss/status/1601574104678944768

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