ES Morning Update February 14th 2023

Yesterday the market moved up and did indeed backtest the rising wedge triangle. Today the CPI comes out and more wild swings could happen. The RSI on the 6 hour chart isn’t overbought yet, so we could go up more on some shakeout squeeze from the CPI number, but the daily chart is still bearish, so I think think any move up can hold. I still think we are going down and NOT starting another new bull leg up to 4300, 4400 or even 4600 like others are talking about.

The only way I see that the bulls can stop this is to keep it range-bound for several weeks to reset the charts to a point where they get oversold and start pointing back up. That’s not the case right now, and it’s going to be hard for them to move up during this second half of February, which is the most bearish period of the month.

Even early to mid-March is bearish, so at best the bulls hold the market in a range from the high last week down to the current low from October of last year. It could start today, but there’s been several CPI fake outs in the recent past so SkyNet might not do the same trick again this time around.

Maybe they just wait until OPEX and then start the big drop next week? I’m not sure but I just don’t see any upside holding this week. My thoughts haven’t changed. I’m still looking for a nasty move down soon. Picking the “when” part is super hard, but it’s coming. Have a blessed day.

The Deep State did the train wreck in Ohio.  Here’s a movie from last year where they tell you in advance it’s going to happen…

https://people.com/human-interest/ohio-train-derailment-evacuee-living-real-life-version-of-movie-white-noise/