Friday, January 16, 2015

SPX and INDU Updates

Ran a little short on time today, so I'm going to let the charts do all the talking.  I actually outlined the options in detail, along with some signals, on the 5-minute SPX chart.

Let's start with the INDU chart, since it's less cluttered.  Blue expanded flat count is still on the table:

The SPX 1-minute chart from yesterday, with the addition of a subdividing black 1 and black 2.  That count looks like a reasonably viable option at present.

And the SPX 5-minute chart, which covers the options/signals/targets in detail.  The preferred count (expanded flat, shown on INDU) isn't discussed on this chart, as that count is covered on the other charts -- and do note that none of the bear options become an issue as long as 1988 holds. 

I covered the bear options here for the sake of being thorough.

In conclusion, there are a lot of options for the near-term, but the intermediate term still remains decidedly bearish.  I'd still love to see the previously-discussed expanded flat play out (see yesterday's update if you missed it).  Trade safe!

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