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01.23.2023 – MONDAY MARKET OUTLOOK

Market Outlook
 

Here we go. Semiconductors posted good numbers, and everyone was rushing in. The market broke above 200-day MA and a significant resistance at the 4,000 level. It retreated a bit later during the day but retook the levels back. We are now approaching the last hurdle – the downward-sloping trend line. We need to break that one, too (see the thick blue line).

 
Market Outlook
 

The Ichimoku chart improved extremely well. The price is above the blue line and the cloud, the green lagging line is above the price, and the blue line is above the red. All is good. We now need the cloud to change to green and start sloping higher (still somewhat sideways).

 
Market Outlook
 

The forecast is down, but if the momentum picks, we may be actually going higher instead unless we see profit taking. The signals are bullish but still not strong enough to be 100% positive. It still may change. I would give it 80% bullish with a 20% possibility of failure. That is for tomorrow’s trend. The medium-term trend (2 to 3 months) is bullish. The long term is definitely bullish as I do not think we will see a hard landing and recession. At least not yet (it still may change, but it hasn’t changed yet).

 
Market Outlook
 

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