Hanging by a Thread

Good Morning:

• We have not been stopped out yet, though it has gotten quite hairy in the morning sessions these past few trading days.
• Yesterday, the Founders’ Group followed the plan and took all but a small runner off the table just below the mean and at the opening of the NYSE session.
• We moved our stop up to 3848.50 to lock in a profit.
• I am racing to finish the 2023 forecast today.
• It is still a bear market until it isn’t, with overhead pressure into early February, but the bear, or this first phase of it, is getting somewhat long in the tooth.
• Key levels are unchanged. Price needs to hold above the five-day line and algo trigger on a closing basis.
• Support comes in at 3850 and 3815. Resistance remains at 3912 and 3975. 
• Fed minutes come out later this morning, so it might be wise to wait to trade until after the minutes are published.

Enjoy your day, and stay tuned.

A.F. Thornton