Market update January 3 2023 So we start 2023 where the S&P 500 (SPX) this week should pretty much stay around 3800 for just a few days - and actually even trend up - but then don’t be surprised to see it eventually trend down close to 3500 - which is its support since it broke support of 3914 For those following the VIX - starting next week it could easily start to go up if it closes above 23.16 (- that’s it’s resistance ) for a few days in a row Next resistance is in the mid 30’s The VIX back in 2008 got as high as 80.86. Remember the VIX is a counter trend indicator When it’s low like it is now, it indicates people are not afraid - when it’s high (like in 2008 and 2009) people feel fearful about the market and are afraid to invest - The concept being this indicator is used to do the opposite of what the majority of people are feeling That is why it’s an indicator that is inversely related to what the SPX is projected to do Now if you were a listener last year to the Women and Money podcast you would understand what I am talking about here

Posted by Suze at 2023-01-03 14:58:40 UTC