Monday, November 12, 2018

SPX Update

Last update suspected that the larger (2) may have ended (or at least this leg of such, if it wants to become more complex) and Friday offered ALMOST as much encouragement as bears could hope for.

The one thing bears would like to see that didn't occur is a sustained break of the black support zone (where SPX bounced).  It's actually bullish if that zone continues to hold (note similarity with the prior small decline) -- but for now, we're going to presume that it likely will break:

The next chart discusses why confidence isn't as quite high as it could be:

In conclusion, there's no change in the bigger picture, and the smaller picture is as encouraging as it can be for bears at this stage.  Trade safe.

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