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This Is Going To Be Interesting.

December 9, 2022
The Money Magicians
The Money Magicians Blog G. Allan Collins

Spy was up 1.19% and  bounced off critical support. At 8;30am we get the 

PPI data which will be a big market mover. I’m not making any assumptions 

about which way we go, although If we go much higher we will be entering 

the net leg up which would a new bull market. The bulls did get a bounce off 

critical support of SPY $393, if the bears can break through $393 to the downside

then it is very likely that we are going down to fill the gap at $381.25 the bulls need 

to get over $400 and then push back over the negatively 200 Day Moving average at 

$401.04 to get the next leg up. Volume has been drying up and the bollinger bands are

getting pretty squeezed so we should see which way the market is going. This is still a

bear market while we  are trading below the bear market trend line. Be patient, we are

very close  to finding out exactly which way the market is headed in December.

QQQ was up 1.18% and the QQQ  Bouncing  off  that critical do or die support at 

$280, because below that, it is going to look like a confirmed double top rejection from 

$293 which easily sends us down to fill the gap and price the price target at $268.

The Bulls need to break above resistance at at $288 and $293 above $293 the bulls

could take us to close the gap at $308 but this is still a bear market as long as we

are below $293 with the risk of the double top rejection.

Cheers,

G. Allan Collins

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