Friday, February 12, 2016
SPX, BKX, INDU Updates
Last update noted that 1880 was key resistance, but the market rallied almost 2 points past that level before collapsing by 70 points. Tonight's charting took me longer than I expected, so today's update will let the charts do all the talking.
First is a long-term BKX chart, which I haven't adjusted at all since it was first published, back in September:
Next is INDU. This market ran straight to the inflection point shown on February 8, so this chart has also not needed an update:
Finally, a couple near-term rally options, with the caveat that there's no guarantee we'll rally at all. Basically, this is to note sell op inflection points:
In conclusion, SPX broke the 1812 low, validating the view that it was not a meaningful bottom. The market seems to remain pointed lower for the intermediate term. Trade safe.
Posted by PretzelLogic at 4:39 AM