Wednesday, April 20, 2016
SPX, NYA, COMPQ Updates
What is there to say about this market at this point? Nothing really, except things like "Stocks have reached a permanently high plateau," and so forth. So far, the market has powered through every resistance zone, and continued capturing its upside "if/then" breakout targets.
NYA captured its breakout target:
COMPQ is also testing its upside target from a month ago:
Thus, COMPQ and NYA are now testing resistance. SPX and INDU are close to their all-time highs, so there too, we have a test of resistance underway. From a technical standpoint, the all-time highs are much more important resistance zones than any the rally has encountered thus far, so we're into "make or break" territory for bears.
Looking at the near-term, last update mentioned that there was a reasonable chance that any downside during Monday's session would merely mark a micro-degree fourth wave, and that's what it ended up being. SPX may still have some fourth and fifth waves left to unravel:
In conclusion, thus far, the rally has overcome all resistance zones, but we are now effectively testing the all-time highs, so the most important test is now underway. Trade safe.
Posted by PretzelLogic at 3:23 AM