Wednesday, October 18, 2017

SPX Update: No Material Change

I've decided to save the lengthy Fed Blast article for Friday, because it's just too long to feel right publishing it on a Wednesday.

So we'll just update the SPX charts today.  First up, the hourly chart shows that SPX has continued consolidating while holding above the noted support level.  Traditionally that's a bullish signal:

No real change to the near-term either, except that the bullish nest of 1's and 2's may be unfolding, but we won't know that for sure unless/until SPX sustains a breakout over the upper trend line.

In conclusion, as I've been noting all month, the big picture still looks pointed at least modestly higher (potentially more than "modestly" though), and there's still nothing for bears to sink their teeth into.  Trade safe.

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