Friday, November 2, 2018

SPX Update: First Upside Target Captured

Just a quick update today, as there's not much to add from last update, except to note that the "textbook target" of SPX 2730-40 was captured, and proved to be resistance for a time.  Futures suggest a gap up over resistance:

In conclusion,, this has been the strongest rally we've seen since this decline began, which tends to validate my view that it's a higher-degree corrective wave (potentially (2)/B) -- which is why I warned from the start that it could run farther and faster than many were expecting.  Ultimately, I do tend to continue to believe that the rally is "just a correction," as opposed to a resumption of the bull market.  Trade safe.

No comments:

Post a Comment