Monday, September 17, 2018

SPX and INDU: Near-term Charts

Nothing's really changed from the past few updates, so today we're going to look at some shorter-term charts for potential clues.

I've outlined the apparent key levels for INDU (first chart) and SPX (second chart):

In conclusion, the bigger picture remains up for grabs.  We did decline to back-test the prior all-time high as we anticipated at the end of August -- and so far, that back-test has held.  INDU still has the appearance of a larger expanded flat (discussed last update), so if we decline back toward this month's low again, then bears will have to be very cautious of a bounce developing soon after (leading back up to new all-time highs for SPX).  We'll burn that bridge in more detail if we come to it.  Trade safe.

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