Jan 11 TA
SPX continued the bounce off 4580, reclaiming 20 day Support before tomorrow’s CPI report. TA Charts are Bullish, but feels more like a relief bounce when 10yr yields stopped going up. Macro values have not started to improve yet, so model is lowering the upside target on this trade.
QQQ had Bullish follow-through, but is likely dependent on how yields react to inflation this week.
Scalping 4650 worked great for +63. If you’re swing long ES with model, scalping extra ES could take profits +30-40 intraday. Tomorrow, not raising buy level, still 4650 w -20 stop (or 4580 retest if open below).
Macro remains EqualWeight, holding longs w Puts hedge. Raised some cash. Added Puts at the close ahead of CPI.
Long-Only (MAX 200%) Model remains Long 110%. Model has lowered upside target from above 4740 to a close above 4725 – next up day will likely go Long 0%.