UPDATE December 12

Another big day! Every day this week is big. Inflation numbers get released an hour before the market opens today, and there is a 30-year bond auction a few hours after open.... But tomorrow is the big day-

I expect the markets to continue up today. I think there is more upside before Powell takes the mic. 

I think the inflation numbers come out pretty much in line.  The market wants up, and as long as there is nothing in the data to spook it, the path of least resistance is up.

But what I think doesn't matter, let's see what the charts say.

Following the trading channels. It really broke up yesterday. But it stayed in the channel. If we break that very vertical run, then it opens the door to weakness.

was up , but 52% of their holdings is Apple and Microsoft

That doesn't compute unless the XLK is changing their holdings allotment. 🤔

Let's check in on my short positions from yesterday.

Ready to get in that downtrend channel

price is setting up below the mid bollinger, getting ready for a big move.

Bullish momentum with bearish divergences. Price above the upper bollinger.

Got price above the 200 MA. Let's see if it can stay there.

Wyckoff distribution? I think so.

A quick look at today

the upper expected move for today is 16650, and the lower expected move is 16150

Broke the trend we had been in. There are still bearish divergences. The trend is up, and the momentum is declining (news can change that). The upper expected move is 398.50, and the lower expected move is 388.75. I expect something closer to 400 as the top, but that could happen tomorrow before J Pow. 🤷

CPI (Consumer Price Index. How much more the buyer pays compared to previous) gets released in about 15 minutes. I like the market running up, burn baby burn 🚀💥

Be Safe, Be Careful, Be Wise

and as always

Good Luck