POSITIONS REPORT – 3/6/23

Last week we saw the market in extreme oversold conditions. As a result, we were expecting a short covering rally to target 4040 SPX, which is what we saw. However, what we were not expecting was a 125 point rally in two days that exceeded our target. Furthermore, the structure of the rally is a rather clean 5 wave move, which has added an interesting layer of complication into where this market can go.

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