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Futures are under some selling pressure after a 2-week face ripping short squeeze enters its latter stage. GDP was revised lower, the labor department remains weak and companies are having a hard time finding workers, being they are getting paid more to stay at home.
Now throw in inflation at soon-to-be all-time highs, a fed that is most likely going to put their foot on the rate hike gas peddle and this is our new economy.
But hey, at least the 2023 budget has 150 million going to attorneys for illegal immigrants, the IRS is getting a 20% increase and a huge piece of our taxpayer dollars will be going into the new green lie, something that will not be seen or felt for the next 100-300 years.
The spx is in the short zone and as I have said until the bears get the price below the 4587/4525 support zone, the bulls will continue to try and press higher, even in the face of this administration destroying our the world economy.
I have said this at the 4100 lows, don’t try and make sense of anything! Just trade the technicals and understand the one wildcard the bulls have had for the past 14 years was the Fed, which they don’t have right now.
I am on the side that once the bears throw in the towel, buyers will dry up and we will indeed head lower. When that happens is the question and it could happen anywhere up here and make sense. -Gary Dean
SPX Hourly Technicals
Stochastics: Overbought
Divergences: Bearish Divergences
Resistance Pivots: R1-4631 R2-4642 R3-4660
Support Pivots: S1-4591 S2-4578 S3-4552
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