Wednesday, July 18, 2018

SPX and INDU Updates: Market Approaching Upside Inflection Zone

Since last update, the market has crept higher, which was not unexpected.  We're now finally getting into a larger upside inflection zone, for the first time since June 15, which generated a reversal, so let's look at some charts:

INDU would look better if it ran a bit higher, but it isn't required, so here again, bulls should probably stay on their toes:

Big picture, it's been more than 6 months since I updated this chart, because the important support zone has continued to hold since then (so there was nothing new to add):

In conclusion, the market is in the process of reaching an upside inflection zone, so it will be interesting to see how it reacts to that in the upcoming sessions.  Trade safe.

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