By: Jeff Cooper
Hit and Run Morning Stock Report: December 12th, 2022
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The Power Of The Minus One/Plus Two Sell Signal
This week we get the CPI and the FOMC and the last Triple Witch of the year.
Whether these had anything to do with the last half-hour swan dive Friday I don’t know, but someone clearly wanted out before the weekend.
It seems like an odd runoff Friday, but it put an exclamation point on my Minus One/Plus Two sell pattern.
To recap, the SPX 3-Day Chart was turned down on Tuesday for the Minus One.
On Friday, the index satisfied 2 consecutive higher daily highs (intraday) for the Plus Two.
The open gap and the 50-day moving average at the 3840 regions are on deck.