After yesterday's rug pull of -80 points down on the S&P 500, the market stanged a nice recovery today that saw the SPX rebond just over 60 points! What's more, futures are up nicely in after hrs off some big moves in earnings from META and AMZN. View my newsletter for my thoughts after today's action

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Newsletter Thursday Feb 1st  standard Webpage Format - contains all the dynamic chart links

Yesterday one of our high profitability mean reversion systems went long, the system triggered on both the SPY ETF and MES futures. The systems closed out today for a nicely probitable 1 day trade! Short and sweet but remember I informed you that the QE MOMO typically holds trades only for a few days - congrats if you took the trade - you more than paid for your membership!

On the market, as I discussed yesterday, while the sell off was sharp and scary, I pointed out that symmetry had not been broken on the uptrend and that could still lead to a move to new highs. One of our preferred wave counts have the recent highs as wave v of (iii), meaning that it's favoring the pullback as a wave (iv) and the pullback only had 3 waves, which means that could have completed the wave (iv), and therefore prices are going to make a new high for that wave (v). I have this mocked up on the 60 min QQQ chart. We'll see if this ends up being the case or not. If it does, then the next new high will be a time to start to get a lot more cautious as that would be the final 5th wave move that once completed will lead to a longer correction.

have a great night!

Matt