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.

No comments:

Post a Comment