SMC Update 1-23-23

Ha I noticed SPX was at 4019.65 at the close sat there for several minutes before it upticked on the close. ~ Dorothy

Last updated 3 years ago

MMM weighing down the DJIA. MMM missed EPS & is doing layoffs. MMM premarket is ⬇️ 4.6%

brian1469 said:

ES gave us a 3.5/4 daily up to 4,112. Not what we needed for the downside. If that happens most all of the weekly downside targets and the 24 you talk about will be invalidated. The weekly's will give us higher projections.

Pretty much have to turn down here

Tomorrow early in Globex trading should be an escalation of Market Trend. We will see if “trend” favors bulls or bears. I’ve made my bet I think Peter is correct. I don’t have the software yet I believe upside projections will be cancelled. ~Dorothy

Mind you guys that Vol and Tech stocks are still cheap. In order to hedge with Options in case a short squeeze is happening.

I might be slow but after watching today's update 4x- is it BEARISH but if we are above 4019.71 we could go to 4100 4200 BUT that would be immediate turn down. ? or yesterday is " some kind of top" and you should be short in front of MSFT TXn earns and 15 more large cap stocks pre opg tomorrow? signed confused

alexlat said:

I'm confused. We should maintain a bearish outlook on the S&P because one of the large downside projections, which was met, theoretically has some more room on the downside? I don't recall that ever being the standard. I'm a fan of Peter's work, but with all due respect, it seems like we're moving goal posts here.

Yes, unfortunately Peter has so focused on his bearish case, that he has made all kinda of exceptions and ignored confirmed upside projections for months now.

Just watch the weekend report again, when realized that Nvidia was down almost 70 % and he saw that the log target has been met in October.