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.

No comments:

Post a Comment