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Ask Not for Whom The Bell Tolls 1/24/23

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A long night awaits for the bears. 

Depending on the type of chart and time frame, on some, the downtrend from the early January 2022 high is broken. On the hourly chart of the ES, 24 hour S&P fucutures, they broke it during the day yesterday but then pulled back below. With the 5 day cycle now on the sell side, we may have to wait a day or three until the confirmation of a breakout. For today, they would need to end the day above 4023. 

On the other hand, for bears to have any shot at all, they would need to end the day below 4000. In the premarket, dropping under 4008 would be a start. If they don't do that, fuggeddaboudit. 



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Good morning(Especially you Doc, haven't spoken in awhile...🙂)...

Haven't held any positions since we covered the morning of the 13th of October.  Considering the shenanigans of "a dozen or so" DJI stocks going into the election...haven't seen any reason to comment...until now.  

As of the close...I'm in.  All in.

I'll pass back through as we touch 3250.




Be careful in the metals.  The bounce/retest has been solid...I didn't expect the ^HUI to get back over 225/235.  I'm actually impressed, but they're rolling over here.  Although, nothing is confirmed until the GLD is back below 160.  UUP will turn, but a new high?  I doubt it.  A retest is probably not too much to ask though.  I expect just above 30 "just as long as the key at 27 holds".  I'm pretty sure it will.  27.17 should be max pain, but it looks like it's bottoming right here.  There is solid support at the BTTB(Back to the Breakout) area here at 27.44.  Wait and see I suppose...

I've looked over my long term forecasts.  I've made zero changes.  SPX 224(x) to 225(x) will be touched.  GLD...I'll comment at 130.

I've also looked over my charts.  2008 is the still the dominant pattern.  In the short term...as far as I'm concerned, you are on the road to a "Lehman" style event.

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