Let's focus on the macro

FOMC is Wednesday, February 1
Next CPI print is Tuesday February 14

S&P 500 / $SPY

Price is still snaking through the pennant. Take note of the grey shaded triangle formed by points A, B, C, and D
I'm remaining bearish here for several reasons:
- No clear breakout of the downtrend after 5 attempts at resistance
- Macro-economic conditions remain unfavorable
- If January CPI print is sluggish or bad, I'm expecting lows back in the "Target Support 1" range
Reasons to turn bullish
- If January CPI print shows drastic improvement (a full percentage point or more), we could see a reversal and breakout from the pennant
- Jerome Powell may be inclined to slow down raising rates on the February 1 FOMC meeting
  - Not a pivot, but perhaps a 25 or 50bps increase
  - Then markets should rally and break out of the downtrend

Bitcoin / $BTC

Price has been consolidating around $21k for the past week
- The longer price consolidates here, the better chance of another leg up
- This will drag the RSI lower while price crabs - somewhat of a hidden bullish divergence
If we do get a correction back to ~$18.8k, that would be a great buying opportunity for me to reload before another anticipated move up to finish the cup and handle pattern.
Crypto lender Genesis has filed for bankruptcy - this could shake the market
- For now, traders haven't begun selling off, but if Genesis starts selling whatever they have left on the books, it will be bad news for the market

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