Monday, December 31, 2018

SPX Update: No Material Change

Friday's session was a chop zone, so nothing much to add to Friday's update.  Wave count off the low is unclear, because I'm not yet certain what the market is trying to accomplish in that regard.  Accordingly, here's a simple trend line chart:

Stockcharts was playing games with the trend lines and kept moving them when I would save the chart, but I think they're finally roughly where they're supposed to be.

In conclusion, the red line is clearly the first zone for bears to reclaim.  A decent whipsaw there will likely take SPX back toward the lower black channel boundary.  Trade safe, and I wish all of my readers a safe and prosperous New Year!

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