Wednesday, July 22, 2015

SPX, NYA, NDX: Bears Keep Hope Alive, for Now

Last update ended with: 

In conclusion, there's still no clear predictive pattern that's emerged from the noise zone, but we are now in a resistance zone, so the market may react to that...

And lo and behold, the old English saying "lo and behold" found its way into the update!  Also, the market did react to the resistance zone (though, ironically, BKX failed to live up to its advertised impulse from last update).  This keeps the bear options alive for now.

Let's get right to the charts, because I'm short on time.  First is NYA:


And a couple zones to watch in NDX:

In conclusion, bears have kept their hopes alive for the time being, and anyone who acted on my "not trading advice" against the all-time high is in a decent position to protect profits heading forward.  Trade safe. 

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