12/4/25 Recap

The SPY continues to be stuck in this zone where it cannot take out the early November highs, but it also doesn’t want to breakdown. Nobody could tell you what this is because it isn’t bullish or bearish until the market picks a side. It looks like a bull flag over the all the moving averages but it is still a 3rd lower high from October so until it moves decisively in a direction, there is nothing to say. Volumes are getting lower into year end, but that is expected and we don’t really have any major catalysts left, maybe Oracle earnings next week and what that will do for AI names. Otherwise, the year is basically over at this point with some fed catalysts along the way. I still am in the camp this hanging man candle will play out to the downside, this has been a weak rally where we can’t make new highs the last 6 sessions. Maybe I’m wrong I don’t know but that’s why I lightened up so much this past week.

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