Friday, December 8, 2017

SPX and NDX: Fun

I've studied a lot of charts since yesterday's close, and I was hoping to have something clear-cut to publish here... but in the end, it's probably a 50/50 bull/bear proposition at the moment, and I simply have to reiterate the "Yuck" sentiment from last update.  Let's look at why.

We'll start with NDX, which we can see could either be a completed correction, or a b-wave low:

Likewise, SPX is sporting a rare wave that could be EITHER an impulse or a correction.  Normally there's something to clear out one option or the other, but not in this case.

Not shown is INDU -- but INDU is the one market that makes me tempted to lean (if I had to, which I'm not) toward the bears very slightly, because its recent low looks very much like a b-wave.

In the end, though, I have to figure this as a 50/50 proposition, because there's nothing that screams the answer.  Bears could take a crack at low-risk entries with tight stops if they're so inclined.  Trade safe.

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