Swinging New Year

The open of the first trading day of 2023 had a sharp rally that threatened important resistance.  The bears  then repelled this advance with a sharp drop that failed to break below important support.

The SPX – 15 – minute chart courtesy of Trading View illustrates the action since mid-December.

A break below the rising  trendline from the 12/22/22 bottom would be a caution signal that  important support could be broken.

 At 2:00 PM – ET  – 01/04/23 the FOMC minutes from their prior meeting will be released, it could be a catalyst for a strong move in either direction.

Published by Mark Rivest

Independent investment advisor, trader, and writer. Articles have appeared on Technical Analysis of Stocks and Commodities , Traders.com Advantage, Futuresmag.com, and Finance Magnates.

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