SPY UPDATE: STILL BEARISH TO 351 NO CHANGE

24 Des 2022

I am still watching the stock market in a rising wedge on declining volume. We had a really nice spike in sell volume on the breakdown which is confirmation to me of the pattern. I am estimating continuation to the bottom of wedge at 351. It maybe a bit boring over the holidays but I think downside is coming in January at the latest. I saw a 1.7 trillion bill pass in the senate which is mind boggling to me. It makes me very bearish given the current debt, inflation, and interest rates.