Positions Report – 4/18/23

The evidence still supports, at minimum, heightened risk from a technical perspective. The market appears to be tracing out a complex corrective pattern that started in early 2022, and it suggests one more large drop to new lows in order to complete the pattern. Our target, as of now, is 3050 SPX. The current low and following uptrend we have been in does not have the type of characteristics that tend to coincide with a new bull market developing.

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