Monday, April 3, 2017
SPX Update: No Material Change
Last update discussed the bull and bear cases in detail, and Friday did nothing to shed additional light on anything, amounting to basically a sideways grind. Worthy of at least passing mention, the Nasduck 100 (NDX) has already made new highs.
In any case, the bigger picture charts are unchanged from Friday, and essentially unchanged from Februrary 2013. I am still presuming that we are in a larger fifth wave, which should mean this bull market is finally nearing its end, in relative terms. Within that framework, in all likelihood, we still have a smaller degree fifth wave higher left to unravel ("smaller degree" in this case -- relative to the entire bull market since 2009 -- is still pretty decent-sized).
Near-term, SPX bounced from the noted red trend line. It might test that line again today. If it fails, then it could take aim at the blue trend line.
In conclusion, we're still in the same place we were on Friday, so there's no material change to the recent updates. Trade safe.
Posted by PretzelLogic at 3:18 AM