ES Weekend Update 1-28-23

more coming later

$SPX - On the weekly chart the equivalent of the Golden Cross, is a crossover between the 10 week and 40 week MAs which already occurred this week. Going back to the 2009 low, every time that happened confirmed the start of a new bull market or a new leg up in a bull market. ( Courtesy of Cyclesfan. )

i believe a large decline is coming sometime in the next 3 weeks and there are several reasons for this. We have already seen almost 700 points since the bear market bottom in October and yet most believe the bear is still alive! Right or wrong they need a large decline to keep giving them hope. And as more and more people begin to accept the bull, they need to be washed out. Thats just the way it always works. I have at least a short term top due Wed-Thurs this week and a major one within 3 weeks thats if it hasnt already started!.. Personally i have told my family to take some profits (got them in at the Oct 13th low! ) if the market goes to the 4200-4250 range this week . This is all my opinion and im not an investment advisor, just an old trader who gets lucky once in a while.. lol