Our 2023 market outlook - S&P500 🔮

Happy New Year traders from the team at AlgoBuddy! 🎇

2022 was a big and exciting year for us.

We recently released the latest version of AlgoBuddy's flagship indicators; AlgoBuddy Premium 2.0 & AlgoBuddy Momentum 2.0, along with an ETH 30m strategy bot. 🔥

Our goal here is to deliver helpful & actionable tools for traders to add to their trading tool belts. 🤝

We'll also continue to release more tutorials and trade ideas every single week!

Enough about us, let’s dive right in…

2022 was a year to remember for US equities. Bears clearly took control, as we had a strong down trend bear alert early in the year from AlgoBuddy.

We had a few bear market rallies that every trader had to navigate through carefully. Managing capital, and not jumping too quick on to the bull train would have allowed you to survive.

By end of year 2022, bears couldn't take us below 2021's low as the bulls defended it nicely (~3860). This is a major level that if we test again will likely fail.

As of right now and moving forward, it feels that since inflation is still high, and the fed hasn't taken its foot off the breaks on the economy (interest rates), any rally is still a bear market one for us.

We will continue to lean into the bear trend as seen on our weekly chart until we receive a bull alert.

Even when the bull alert prints I fully expect price to capitulate and test our thick ribbon at least 2x before finding a base to rally.

We recently got a divergence bullish signal on our AlgoBuddy Momentum Indicator 2.0 so we will watch closely.

I must see the fed step in and assist economic growth before I jump onto the bull train, even if I'm late to the party I can live with that.

Until then, Algobuddy's S&P500 & overall market outlook is bearish, at least on the weekly, for at least end of Q1 2023.

We will trade small on short term longs keeping stops tight, and we will jump easier on our shorter time-frame bear alerts for now until the trend changes.

Good luck all, as always reach out to us for any questions/help/support.

Happy trading,AlgoBuddy Team