Right now we still have a significant downtrend line right above that which is wreaking havoc and I think it will be difficult to break through. Eventually, however, we break from the top or fall apart and have to make a bigger move. , The SandP 500 initially fell early Wednesday morning, but as soon as everyone left Europe, the Americans picked up the ball and started rallying again. This makes a lot of sense because the story of Wall Street is about the Federal Reserve saving everything, so they believe it’s only a matter of time before Uncle Jerome does. Advertisement image Take advantage of today’s market TRADE NOW Currently there is still a significant downtrend line above it causing havoc and I think it will be hard to break. Eventually, however, we break from the top or fall apart and have to make a bigger move. In the short term, I think we have more noise than anything else, and the fact that we’re in the middle of a winning season probably only adds to that. If we were to break out of the downtrend, we would see the market test the 100 level, maybe even 200 if we get some upside momentum. Disruption Ahead Sometimes markets choose to ignore everything and just want to move in one direction. This may be what we have now, and so you have to look at it through the prism of what people have done, not through what is necessarily reality. Yes, financial reality will eventually hit the market, but right now they don’t seem interested in hearing about it. They’re just concerned that inflation is starting to slow, which gives them the impression that the Fed is doing what they want, which is to slow and tighten before finally reversing, because that’s what most of Wall Street is about. business people know. We still have a long way to go before we get the „all clear” and you also have to remember that the Fed has a meeting next week that will be a lot of attention on Wednesday. I think the only thing you can count on right now is a lot of scrap because confusion is still fundamental to all markets, not just the SandP 500. If we can get below the 50 day EMA, we’re good to go . I’m looking at 3800 levels, but right now I think it’s more back and forth than anything else.