Friday, September 14, 2018

INDU Updates: No Favors

We're going to focus on INDU today, because we were using that as our "canary" in the prior update, and INDU broke its August high since then.

This means that if we reverse more or less immediately (quite possible, if that low WAS indeed a b-wave) then we'll probably have a similar situation as we had with the August low (the c-wave of an expanded flat, leading to new highs).

Longer term, INDU is approaching a potential long-term resistance zone:

In conclusion, the market continues to provide very little for bears to sink their teeth into, in terms of concrete, non-speculative signals -- but if my read of a b-wave low in INDU was correct, bears might get at least a short-term reprieve in the form of black c.  If we continue higher unabated, then we'll just keep tracing the trend until the market says otherwise.  Trade safe.

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