Wednesday, June 8, 2016

SPX Update

SPX actually did something in recent sessions, as it made a new high and, additionally, finally broke 2116, while flirting with the upper boundary of the larger chop zone in the process.  At this point, it's put up or shut up for the bears, as they (ideally) don't want to see a sustained breakout over the all-time-high, which isn't far away.

INDU and NYA did not make new highs, so one potential pattern is shown below, but please do not take this as a "high-probability projection."  We have nothing in the way of a decent impulsive decline yet, so I can't guarantee that red wave c is complete.

Bigger picture, things are unchanged:

In conclusion, SPX finally rallied into the zone it was "supposed" to -- now it's up to bears to get to work, or head back into hibernation.  Trade safe.

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