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DailyPlay Updates – February 1, 2023

Buyers came right back in on Tuesday, negating Monday’s decline after some earnings numbers gave them enthusiasm. For us, that was mostly a good thing, as all off yesterday’s Daily Play ideas were to lighten exposure either yesterday or today before the Fed’s announcements.

Today is both a key earnings day; economic reports day; and, of course, the all-important FOMC rate announcement and press conference. This should easily set the stage for the near-term market movement – certainly through the Feb. 14th CPI figure – but very possibly well beyond. As a habit, I typically lighten all trading exposure into such a key potentially large market moving event. (In fact, here’s the link to a video I just created yesterday for my own In The Know Trader YouTube channel that addresses how to handle this very issue: https://youtu.be/RwoSTXjsZNc. I really suggest you watch it.)

Here’s the look at both the weekly SPX and QQQ charts. They certainly have a much better look than we’ve seen in a while, but they both have overhead resistance to deal with to improve its medium-term picture. I remain in the camp that this year might very well be one that really messes with investors’ heads (for that matter, traders’, too) by which when you’re finally convinced that the market must be headed higher, it’s in the 9th inning of the rally. And when and if you’re convinced that selling is the right thing to do because the market has broken down, it could very well also be in the 9th inning of that decline. It may, actually, end up becoming the perfect year for counter-trend trading. We’ll have a better clue by week’s end.

SPX – Weekly

QQQ – Weekly

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Tony Zhang