Mid-week market update: There is a time for an aggressive posture in positioning and there is a time for patience. This is a time for investors to be patient.
In the aftermath of the rally off the October bottom, the S&P 500 is consolidating its gains after breaking out through resistance at 4600 to form a cup and handle breakout. However, it was rejected at all-time high resistance and it's now working off an overbought condition, as evidenced by the 5-week RSI. The VVIX to VIX ratio, which has led past tactical peaks in stock prices, peaked out just before the January highs, but the lack of a negative divergence in this ratio is constructive inasmuch as this is not a signal of a major top. I interpret current conditions as a consolidation within an uptrend.
The full post can be found here.
Beat the price increase
We are announcing a 5% price increase on subscriptions, effective February 1, 2024. Existing subscribers will be grandfathered at their current rates.
If you haven't subscribed, click this link to beat the price increase.
No comments:
Post a Comment