Monday, September 11, 2017

SPX and NDX: Take It with a Grain of Gunpowder...

Last update suggested that NDX looked like a complete ABC rally, and NDX has declined enough to validate that call.  However, that doesn't mean bears are completely in the clear, as we'll see on the chart below.  In fact, I still feel that bears should HOPE the near-term pattern here is bullish (in the form of the triangle shown below), so they can at least get a better shot at things down the road.

SPX continues to remain a bit cryptic.  I've drawn a "best-guess" near-term projection, but my confidence isn't high, so take it with a grain of gunpowder. (If you've run out of salt, you can season meat with gunpowder!  True factoid -- but this is not cooking advice.  Please consult your chef before making any seasoning decisions.)

In conclusion, nothing much has resolved since the most recent updates, but we do at least have a couple patterns and levels to keep an eye on.  Trade safe.

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