The latest market slide isn’t one you want to chase.
At least not yet.
See, we had a breakout in January from the downtrend that kept stocks lower in 2022.
2023 is creating its own trend.
And this is just a test.
A retest to be exact.
The market is doing nothing more than retesting the key resistance from 2022 and likely bounces in the weeks ahead.
This bounce may not last long.
I still believe the market has another big plunge ahead of it.
But rallies are part of the process.
I’ll show you a chart of what I mean today, but first I wanted to point you to my latest Bank It or Tank It YouTube Video.
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These key levels are more important now than ever.
We have a strong bounce in the market. Now we are seeing the pullback.
How low it goes and where it goes from here is all driven by the technicals.
That’s all I track in my Bank It or Tank It videos.
So be sure to check out this one to stay ahead of a volatile market.
Before I sign off, I wanted to circle back to the S&P 500 chart.
That red resistance level was the clear downtrend in 2022.
We broke that in January, as you can see on the chart, and now we are getting a bit of a dip. Nothing to be alarmed about for the bulls.
Negative headlines are popping up all over the place.
But it isn’t likely to drag stocks much lower in the short-term.
For now, I’m looking for a bounce through the next few weeks, likely testing the highs from the January breakout.
Then it’s back to the drawing board.
I think the upside is capped in 2023 and the downside risks remain elevated.
I’ll stick to the technicals as we navigate a turbulent market.
Regards,
Chad Shoop, CMT
Editor, Bank It or Tank It ELITE