Keep it light Wed before the FOMC. ADP should be decent although we are starting to see big layoffs in tech. I still think jobs won’t be an immediate concern. It’s all about mega cap tech earnings/valuations and the FOMC. Watch the D1 wedge for SPY. Don’t jump to conclusions Wed. That move is often reversed Thurs or Fri. We don’t just need the breakout, we need follow through. This is a tight range. The upper trendline and the lower trendline are only 150 S&P 500 points apart. We can go from one to the other in a day. No matter which way this is resolved, this is not the last train out of town. There will be plenty of time to catch it. Trade well. I can’t wait to see your trades. See you Monday!
February 6, 20231 min read