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01.16.2023 – MONDAY MARKET OUTLOOK

Market Outlook
 

Today, the market was closed for the Martin Luther King holiday, but futures continued trading abroad. And it was muted with a slight downward trend. Will we see a renewed rally tomorrow, or is the rally over, and the markets roll back down, failing to hold the new breakout? The price is still above the resistances that may act as supports, but the momentum is failing. Last week the rally was unstoppable, and now it seems it was just a fart.

 
Market Outlook
 

There is not much to say about the Ichimoku chart below. It is positive, but we need renewed optimism, and from the futures trading, that optimism isn’t there yet.

 
Market Outlook
 

The trend forecasting is slightly negative for tomorrow, but let’s wait to see what tone the market sets tomorrow. Right now, it is a toss. The price may slip early in the morning, but the losses may get erased by the EOD. Let’s wait and see.

 
Market Outlook
 

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