Keeping it conservative and trading SPY instead of ES this time...gl all

FYI, $275ish is the 61% fib of the 10+ year bull run.  I wonder which it tests first.

Nooo!  I forgot to execute the trade last night!  Guess I'm a arm chair qb for this one!

UNH is a great stock fundamentally and has been a stud performer for years.  I'm hoping this bear brings it down to a reasonable valuation so I can finally add more.  Fingers crossed!

Merry Christmas from NVDA....one heck of an unwind on the weekly chart.  I wonder where it stops.  

https://schrts.co/pmAMBSuw

Breaking below the bottom of the 2hr wedge

ES Futures - possible falling wedge with divergence on the 2hr time frame.  If the bottom is in, the 38% fib is around 4100.

I was traveling this week and am catching up on the markets.  Looks like Steve's 120 min SPX chart still has price in the channel.  I'm watching that to see if we are changing direction.   https://schrts.co/VUBuQywQ

ES Systems - I really like the addition of ES since they have longer trading hours.  I sometimes miss SPY or option trades due to work, so please keep supporting them!  Thanks for all the amazing work on here!

ES Futures +9 so far tonight

In line with other such classics as:

Learn to code

Just by an electric vehicle

Low growth is the new normal

Lower your expectations

Its the price of patriotism

Thanks Steve, educational as always!

Recession Talk - lots of debate about the definition of recession.  Yes, traditionally 2 negative GDP quarters would qualify.  There are some strange factors with supply chain due to covid, so I like to look at Econ Pi for some clarity.  Their BaR Grid analysis definitely shows a decline with a likely result as a recession per this link (http://www.econpi.com/index.php).  I suggest reviewing this for an objective and statistical monitoring of economic conditions.  There is  a lot of history here so you can make your own assessment of their presentation.  Basically, their indicators, which are based on gov stats, are in decline but not in contraction indicative of recession.  However, they do state that the trend is down. I suppose whether we are in or will soon be in a recession is sort of moot considering the Fed is going do vacuum up liquidity.  The one question I have is how these proposed "Inflation Reduction Action" spending plans impact the market.   To me, it sounds like we are in a battleground until more data becomes available.  Trade carefully all!

Enjoy your time away Matt...you deserve it.  We on the trading community will survive (some how)!

The bullishness is percolating for sure!  I guess everything got fixed this week.

The CNBC narrative continues to be "the consumer is strong".  Maybe they should ask the telcos, TGT, WMT, and others?  I swear they all read the same playbook and don't think outside the box!

Steve, great call last night with the "beware the early pop up" when talking about SPX.

Too busy working the past few days and missed all the ES system signals.  Glad I was able to add to the shorts on the early pop to get the trade into the green.  Hopefully the system pays off again!

Cramer was calling a bottom tonight on his show too.  This bear rally is going to catch a lot of bulls flat footed whenever the rug pulls again.  And as usual "no one could have seen it coming".

Sold my MES from the Bear Long this morning (thanks for the trade).  Probably a bit early, but I'll take the bird in hand.  Now that I'm comfortable with MES, I'll probably buy 2 contracts so I can have the opportunity to trim one and keep a runner with a stop in the future.