The video in this report is only accessible to members
The video in this report is only accessible to members

The year-end rally looks to be underway, and I expect this bounce to unfold technically as a three-wave pattern into early January.  The key resistance for this move initially lies near 3942-50, but this could very well be exceeded up to 3975 or even 4000-5 before stalling out as 2023 gets underway.  Only if 4100 is exceeded would one start to question whether pullbacks into Spring could lead back to new lows, and for now, bounces are thought to falter into January per the 80-day trading day cycle before weakening into mid-to-late January.  As shown below, prices stabilized and have rebounded from the 50% retracement area, which also lines up coincidentally with some Ichimoku cloud support.  It’s expected that Treasury yields might roll over again as equities extend higher and given the bearish trend from mid-December as well as the ongoing downtrend from January 2022, it’s right to look to sell strength initially over the next two weeks.  The market will be forced to prove itself if a larger rally is possible, which at present, appears unlikely, and might give way to further selling into late January.

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Bristol Myers Squibb- Still attractive; Expecting rebound

BMY entry a few weeks ag...
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