SPY STILL BEARISH? 351 update

11 בינו׳ 2023

SPY: currently at major resistance on the daily. This entire move has been on declining volume. The SPY is about to make another major move off tomorrow news on CPI reports. In my opinion, the CPI reports will be poor and we will get rejection off of this major level. I think on bad reports, I think we can sell off back down to the 379 levels pretty quick which is what I am anticipating. If for some reason the report is positive, it could mean a break through for the SPY invalidating some bearish thoughts on a macro level.If invalidated, I would look for 412 on a break above resistance. There is one bullish argument that is valid but I will only discuss on invalidation. Have a great week y'all