Monday, June 29, 2015
SPX, INDU, NYA: Market Slips on Greece
Long-time readers know that I believe news is noise -- but I just couldn't resist the "grease" pun in the title.
Amazingly, since last update, the market has moved only 4 points on a closing basis. Before going further, I would like to preface this update with the note that my personal life has not quite returned to "normal" (whatever that is) yet, so I'm going to let the charts do most of the talking. I would also like to most sincerely thank those of you who have sent support and well-wishes, it's all very much appreciated!
We'll start by taking a look at INDU, which seems to have the clearest chart. Sustained trade north of the B/2 high would, of course, call the preferred count into question:
Next is SPX:
And finally, NYA hints that a sustained breakdown would ultimately have a decent shot at testing the 2015 lows:
In conclusion, the pattern in INDU appears to suggest further downside over the near-term, but the bigger picture pattern on SPX may be hinting that any downside follow-through from here may ultimately prove to simply be a correction (though it could well be a scary one) with new all-time highs to follow after it completes. I'll track this as it unfolds, to try and identify the next pivot point. Trade safe.
Posted by PretzelLogic at 3:28 AM