Wednesday, July 20, 2016

SPX and NYA Updates

On Sunday night, I ended up missing a flight, and trapped somewhere without a computer, so I was unable to publish an update for Monday.  Given what the market's done over the past couple sessions, it doesn't appear that it would have been a critical update anyway.

Let's get right to the charts and start with NYA, because it shows a specific near-term pattern:

On the bigger view, recall that I mentioned (on 7/15) that NYA could encounter resistance in this zone, which it has.  Whether this will prove to be more than short-term resistance remains to be seen:

Moving on to SPX, the question on everyone's mind (including mine) is:  Is the preferred count of the past few months dead?  I attempt to address that on the chart below:

In conclusion, this is one update where the charts pretty much say it all.  Trade safe.

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