By: Tom Gentile
on January 26th, 2022
I am reading, researching, charting, and trying to make sense of where I am going to put my money to work if at all in the short-term.
There is talk the markets could end up 10% off their highs so I did some technical analysis on a chart on SPX, the S&P 500 Index. I annotated where a 10% drawdown would place the SPX.
It wouldn’t feel the best from a bullish perspective, but if it happens I would look at the technical picture at that time and see if I believe in getting bullish at that point.
Right now, I am more neutral to leaning bearish, even though I am looking to see if the pivot lows in SPX / SPY will act as support. FYI My position in GLD is my best performer.