The SPX was creeping higher since the end of December, but we kept reminding our members that the trend remained lower as long as we kept respecting the descending channel.
Crude Oil has reached a major pivot point of its move lower that started last year March and we are about to find out if the trend higher will be restored or we will remain in corrective mode.
Chart Of The Day series – 9 January 2023
The USDCNH reversed lower last October and rode the USD weakness. Early December we broke through a H&S formation pattern and after a S/T consolidation we seem to be resuming the downside.
The DXY had a strong day to start the year and it is threatening with a break higher after a 3 month move lower.
Following the FED, gold initially stalled and then turned lower from the ascending wedge’s T/L resistance and is about to break down from here.