01/23/2023

Mish Schneider | January 22, 2023

S&P 500 (SPY) Jan calendar range reset this week and SPY fails the 200 and is now slightly below the 200-DMA again and closed crossing above the 50-DMA, but very narrow price range to 200-DMA. Held pivotal support at 390 and 200-DMA is resistance.

Russell 2000 (IWM) In better shape than SPY but still a nasty reversal and must hold 180 still. Filled the gap and first level of resistance 182 and overhead resitance at 187

Dow (DIA) Back under the 50-DMA STILL as industrials lose ground. Needs to continue to hold pivotal support at 330.

Nasdaq (QQQ) Crossed the 50-DMA on Friday to close above. First level of tight support Support 277 and 283 resistance.