Monday, July 16, 2018

SPX and BKX: Technical Jargon

Still nothing exciting to add, as the market has steadfastly remained in a condition that's most often referred to by its technical term: "a bunch of malarkey." 

"This market's a bunch of malarkey!"  We technicians can often be heard muttering to ourselves at such times.  More often than not, the next words out of our mouths involve elaborate plans to self-educate on spear fishing, but we never seem to get around to it.

On the bright side, I was able to get the SPX chart to load today.  On the "meh" side, there's still nothing to add and updating it was just a matter of moving the last annotation back onto the chart (it has slid off as the chart auto-updated itself).  We may or may not need another micro fourth wave correction and fifth wave higher; still depends on whether that last move was a triangle or not.  It is at least possible that there are roughly enough waves for the rally to be complete, though.

Still keeping an eye on BKX, as a sustained breakdown here would tend to look fairly bearish:

In conclusion, we're still watching for an impulsive decline before getting too aggressive in acting against this (now-multi-month) upwards-biased extended sideways grind.  Trade safe.

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