$SPY bearish flag development remains in place but underlying breath improved with >50% of stocks now above their 20-MA. China securities continues to exhibit its relative strength as $KWEB (+8.81%) has rallied beyond +100% in less than 11 weeks.
Most early week setups have already followed through, only action left is probably to de-risk or hedge on potential $SQQQ flag breakout ahead of Friday’s NFP.
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5/1/2023 Market Diary & Playbook
– $SPY bear flag remains, but short-term breath improved $MMTW > 50%, NH/NL +25
– $KWEB 1st group to doubled (+101% in 11 weeks), continues to exhibit RS with 4 wks tight flag BO
– most setups have followed through, consider hedge $SQQQ or derisk pic.twitter.com/7L16VeP6BS— Jeff Sun, CFTe (@jeffsuntrading) January 5, 2023
