Friday, June 29, 2018

SPX, INDU, BKX Updates

Wednesday's update was forestalled by some an unanticipated family travel event, but the only thing I had to add was added on the forum on Tuesday, when I noted that SPX still appeared to need another wave down.  We've since gotten that wave, and we are in the ballpark of a potential inflection point:

The current wave down is very choppy and full of overlap, so it's difficult to get an exact bead on:

BKX is just above support; if that fails, it will be very informative, and would suggest that the options are "bearish now or bearish later":

In conclusion, the market has trended down since reaching the projected peak, but we have now reached a downside inflection zone, so we'll have to see how the market reacts here to gain the next pieces of information.  Trade safe.

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