Wednesday, November 11, 2015

SPX and BKX: Market in No Man's Land

Last update expected that the decline probably had further to run, and SPX indeed made new lows later that session.  Currently, the chart has grown incredibly difficult to interpret, so we have to simply watch the next meaningful levels for clues.

We'll start with SPX:

BKX looks a bit like a three-wave decline -- and that may lead us toward the idea that the correction may be complete, but it's also possible those three waves are simply an incomplete bear wave, and they don't guarantee the correction is over:

In conclusion, the wave is officially too tight to call at this juncture, so all we can do is watch the next key levels for clues.  The key upside levels on SPX appear to be 2093 and 2099; the downside levels are 2068, then 2060.  Trade safe.

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