Monday, October 24, 2016

SPX Update: No (fill in the blank)

Honestly, there's only so much you can write about a market that's been range-bound for 11 days before you run out of original things to say.  You can always repeat yourself, but that starts to get boring after a while, and also starts to get boring after a while.  For both the reader AND the writer.  Thus, I'm going to let the charts do all the talking today.

We'll start with a chart that I consider to be my crowning achievement -- my "master work" if you will -- the culmination of everything I've ever learned.  This was the first chart I drew this weekend, and the projections on this particular chart will almost certainly prove to be correct:

Ha ha!  Just a little Stockcharts humor there, designed to elicit angry responses from our Congressional "leaders."  And to break the monotony of saying "No change" again.

Anyway, here are the real charts, which, if I recall correctly, were SUPPOSED to be doing all the talking (glares sternly at charts).  First is the SPX bigger picture chart, which, you guessed it, is the same as last update:

SPX short-term:

And a few prudent notes:

In conclusion, I haven't said "no change" this often since the last time I strolled down 42nd street.  Trade safe.

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