Market is within striking distance of the FOMC high. We had a breakout above it and a retest of that trendline. It still does not mean we will breakout, but the likelihood is higher. As I mentioned pre-open, the market did not get slapped down like it did in Dec. Bulls do NOT want a lower high here. They want to take out the high from last Wed. If the market can clear that, it will be a sign that buyers are in control. We saw the bid check today. There is going to be some volatility and that is a sign of it. That tells you not to chase. There will be chances to get long.
March 14, 20231 min read