Wednesday, November 18, 2015

SPX, RUT, INDU, NYA, BKX: Market Tests Inflection Points at Multiple Degrees of Trend

For today's update, I'm going to let the charts do almost all the talking.  Let's start with BKX:

NYA shows that bulls found support at the first downside inflection zone -- and then bears made a stand at the first upside inflection zone:

INDU, in a simple long-term view:

RUT's chart has some interesting features at both the long-term and near-term levels.  Long-term first:

RUT near-term:

Finally, I'll end with an updated SPX chart.  Note that here again, bulls held the first (previously theoretical) support zone, and bears then rejected that bounce at a resistance line:

In conclusion, the market has reached inflection points at multiple time frames, and while we can speculate what comes next, there's no definitive answer yet, and both sides are keeping their hopes alive for the time being.  From here, we simply await the market's next declaration of intent.  Trade safe.

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