Friday, July 15, 2016

Market Update: NYA, INDU, BKX

There's not much to add in today's update, except to note that the long-term target of SPX 2170, from February 2013, was effectively captured yesterday (I think we can call 2168.99 "close enough" for a target that was published when SPX was trading at 1512).  Sometimes those targets, give or take a few points, function as resistance zones.  Let's get right to the charts.

First is NYA:

Next is INDU:

And finally, a quick look at BKX:

In conclusion, we've reached a minor inflection point, but given the ferocity of the rally to date, and the very small price range yesterday, it's difficult to say yet if the market will react to it much more than it already has.  If there's an extended fifth in play, then SPX would be expected to roughly track INDU, and the comparable breakout/retrace zone for SPX is 2100-2120 (if this doesn't make sense immediately, then please read this in light of the comments on the INDU chart for context).  Trade safe.

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