Besides the macro-economic outlook I've described in other ideas, which really are the foundation of equity moves right now, SPY is showing both a cup-and-handle and broadening downward wedge, both of which are bullish indications from a technical perspective. It's palpable that sentiment has changed across social media, and it makes sense that a bear market wouldn't be "up=down=up=down" forever. I expect a slow melt up and a second drawdown when the fed pivots in reaction to lagging negative economic data later in 2023. Probably late, like usual.
As always, no one ever knows for sure and your investment strategy should reflect that uncertainty.
InTheMoney
As always, no one ever knows for sure and your investment strategy should reflect that uncertainty.
InTheMoney
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Cock and Ball Torture Pattern playing out nicely