SPX 5 min chart (from last night's newsletter) made a minor new high.   https://schrts.co/BEwTXbWf

FYI, measured move of the A leg (assuming today's pullback was B) would put C at 61% fib (3914).

HYG seems to be leading.  Looking at Steve's 60 min chart from the newsletter, HYG has a possible symmetry break.  https://schrts.co/SEaDdyQX

Thank You BPT!

Matt and Steve, your analysis has been spot on all year (and even longer).  I don't trade regularly due to owning a business, but your analysis has kept me from making "dumb" moves, and the system trades (I don't get to take all of them) are a great "low effort" way for me to participate and learn more about trading.  Enjoy your weekend!

If you're not already in, then buy the higher low?

NKE earnings after the bell...could be interesting

Thanks Steve.  What was your trigger to go short after you posted this last night?  I'm assuming you were watching futures overnight?  I've been busy working my day job so I didn't catch what you were saying about this and am looking at this as an educational example.  Thanks!

https://www.zerohedge.com/markets/pound-flash-crashes-500-pips-record-low-amid-global-fx-carnage

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!