It may seem like the market whips around with amazing volatility, but that is only if you are watching it daily. Pulling back, the topping pattern and decision to fail or recover takes months, if not years! We have been within a market 10% range for 10 months! I still have 99% conviction unless there is free money from the government issued to the people, we will see a deflationary decline. Why? Because the market advanced on an 6 trillion dollar spending spree, and removing that funding will over time deflate. Also because costs across the board are up, which means less can be bought by the average person. And finally, the FED is trying to choke the system by raising rates and reigning in free money.
The question is, can things turn around before we deflate? We need free money, when that happens, the bottom is near.
Looking at the charts, we are waiting for a break below SPY 417, until that happens, we are in a range, enjoy the ride. Target is SPY about 330. The charts say it should go to the lowest green line below, but I am now thinking that far down free money will resume first. Maybe with Fed Crypto Dollar.
A break above the red line it is a bullish turn. Good luck!
