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Will This Rally Continue?

October 24, 2022
The Money Magicians
The Money Magicians Blog G. Allan Collins

Friday spy was up 2.43%, we are getting a counter trend rally off support
at the 200 weekly average. SPY $378-390 and if the bulls can get over $390
we would be close to entering a new bull market, which would be very hard
to believe considering that Fed Chairman Powell and his minions are making
sure to remind everyone there is a lot more pain ahead. Fed chairman Powell
should know because he’s causing it. The Fed does not want to see the Stock
market go up, they want the investing public to understand they are not pivoting
with inflation over 10% in the U.K, I am not happy about it but thats where my target
has been, so if the fed keeps selling bonds, speaking hawkishly and raising rates
for a while, which seems very likely, then we anticipate a-lot more downside risk
at these levels, so lets keep it simple as always watch for resistance where we closed on
Friday and then $378, $380, $385 and $390.

The QQQ’s-we were up 2.4% on Friday and we did get the break out over the resistance
trend line right at $273. There is critical resistance right where we closed in the $267 zone.
if we loose support at $266 I would be prepared for a retest of the lows.

I will be on holiday this week, so this will be the last free twitter post for a while.

Members Buy and Sell signals with commentary as usual.

Cheers!

G. Allan


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