Jan 23rd – Wednesday
SPX - Day 17 has us in the middle of a move out of an ICL, and it is overbought. The short term move gets difficult to predict from this point, since it could dip to a 1/2 cycle low and then continue higher, or it may just churn sideways along the 50sma as it struggles in a wedge. Price held above that 50sma, but the Wedge is cautionary short term. My long term view remains the same.