Wednesday, May 16, 2018

SPX and INDU: Market Reaches Inflection Point

We're going to get right into the charts today, starting with INDU:

We have an interesting bar on the daily:

And looking at the other side of the trade:

In conclusion, this is likely an important inflection point for the upcoming sessions.  If SPX holds this back-test and sustains a breakout over 2743, then bulls would seem to be in the clear for the near-term.  If this most recent trend line breakout whipsaws, then that would be a bearish signal.  Trade safe.

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