Friday, October 26, 2018

SPX and BKX: No Change

No material changes, the trend and outlook are still down for the bigger picture, but at the moment "how we get there" is still a bit up for grabs.  Gonna let the charts do the rest of the talking:

Near-term SPX chart:


In conclusion, there's no change from the past few weeks, and we still expect the decline is underway.  SPX hasn't captured the 2500-30 target yet, and looks like an incomplete downside pattern (though this doesn't prevent near-term corrective rallies, even today), and BKX is only halfway to its target, so all indications are that more downside is still to come in the big picture.  Trade safe.

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