Good Morning,
Wow wholly Short Squeeze. SPY made another higher high and higher low yesterday as Fed Chairman Powell seemed like a totally different person than he was just a few weeks ago. Powell went from saying that the Fed has to raise rates until we get inflation back to 2% to now saying”smaller interest rate increases could start in December. So he was lot more dovish than he was just a few weeks back. We are coming into serious resistance at SPY $411. If we break through SPY $411 (The Resistance trend-line) and take off from there, the technicals would suggest a new bull market, although it’s hard to believe, if we get follow through on high volume the charts would indicate a New Bull market. There is Support at $403, 400, $390 and then the GAP close at $381. I would not suggest taking any new positions here as we are at critical resistance. We are short NVDA and Own Puts
Cheers,
G. Allan Collins.
