Tuesday, September 27, 2016
SPX Update: No Material Change
No material change since last update, except to note that, as the prior update could only speculate would happen, the decline from 2179.99 does appear reasonably impulsive at micro degree. Although I have outlined 2180 as the "level to beat" on the chart below, as also noted in prior updates, the all-time-high is more important from a technical perspective.
Note that 2/B could potentially be complete at yesterday's high, so any additional rally is not guaranteed.
In conclusion, there's no change from the last few updates, and I am continuing to treat bounces as sell opportunities -- please refer back to Monday's update for the intermediate charts. Albeit this is not an "ultra-high-percentage" bear pattern (as some of them are; protect yourself accordingly), but short still appears to be the higher-odds play for the time being. Trade safe.
Posted by PretzelLogic at 11:26 PM