SPY vs SPY

Showing ES daily chart here. There is nothing for her to bounce from now before 3750. 3800 is big round number, so maybe. But below 3800, it looks like a straight shot to 3750.

The ultimate low, for now, like I forecast for SPY, is an undercut of the 10/13 low. It could get there this week. The chart would look better if it didn't get there until late January, but Santa comes this weekend.

If it take 4 to 7 more weeks to stamp out a low, then the February 2020 high 3397.50 would be the level I'd look for a low (3365 would be a nice undercut of that 2/2020 high). If it crashes this week, then the low will be much closer to the 3500 level.

ES closed today at 3827.25, and I would guess ES closes tomorrow much closer to 3750 than to 3827. But that really is of no matter. I have been and continue to hold short with the expectation of covering 3500 or lower.


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Rams Fan said:
Santa rally isn't scheduled to start until Christmas, with a market bottom either the trading day before or the trading day after.
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At least the Globex Bots think Santa brought traders more than coal this year.
 
The year is 2025, it has been 489 trading since the S&P has traded more than .1 standard deviation above or below 3850.

Kevin McCarthy has lost his 6013th and final vote to become Speaker of the House, as the Democrats take control tomorrow having won the 2024 elections.

Among their first legislative acts the Dems are expected to outlaw the use of pronouns, and from now on only proper names will be allowed unless your name is Chad or Karen.

The Fed is expected to raise interest rates once more by 75 basis points to 98.25% as Americans refuse to become unemployed.
 
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