Market Trends
POSITIONS REPORT – JUNE, 2023
The market is very close to completing the upward pattern off the October, 2022 low. As pointed out many times, it is an overlapping and corrective pattern, which has us cautious until it resolves to the downside. Either the coming drop will break through 3805 SPX and confirm that we are heading to new lows (the blue count), or it will hold the 3900 – 3805 region and turn back up, confirming a new bull market (green count). The other necessary event I want to see in order to confirm the green count is a rotation from Big Tech and into more economically sensitive sectors/markets – more on this below. We need breadth expansion in a meaningful way if we truly are in a lasting bull market.
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