Friday, May 13, 2016
SPX Update: More Fun than a Barrel of Rabid Monkeys with Tasers
SPX has continued to move in a fashion normally associated only with seizures, thereby frustrating both bulls and bears, and causing everyone to consider smashing their computers with Janet Yellen (note: not that I am suggesting you try this. Err... maybe.).
In other words, the market has behaved as it does when it's in a... drum roll please... chop zone:
Not surprisingly, given the chop zone of the prior two months, there is no change to the intermediate picture. I still prefer the complex ABC, with C complete or nearly so (the annotation of May 6 remains true for the moment):
It's interesting to note that RUT made a new low yesterday (not shown), although SPX bounced shy of its recent low -- because it was required to, in order to fulfill its contract with Goldman Sachs (ticker symbol: GOD. At least, that's what the symbol is supposed to be, according to an internal memo released by Goldman Sachs.)
Finally, no real update to the near-term SPX chart:
In conclusion, after the last couple months spent in the chop zone, and after the last several sessions in a chop zone within a chop zone, there's really very little to add to the recent updates. Now it's more a matter of waiting for the market to point the way to its next move more clearly. Trade safe.
Posted by PretzelLogic at 3:34 AM