Monday, March 18, 2019

SPX and NDX Updates

The market is still flirting with resistance, which is layered higher throughout this current price zone.  I've detailed this on the NDX chart below, and presumably if NDX encounters significant resistance, then so will everything else.

Near-term, NDX bonked its head on the median channel again.  Keep in mind that if it does sustain a breakout there, it would commonly run toward the top of the channel, which is one of the reasons why we're treating the blue lines on the chart above as speculative until we see an impulsive decline:

SPX ran to a resistance zone that I outlined a couple weeks ago (on 3/4), the resistance zones noted beyond that are similar to those noted on the first NDX chart.

In conclusion, bears still have nothing definitive to sink their teeth (or claws?) into.  While the market is facing several resistance zones, we have to continue to presume the trend is up until we see an impulsive decline.  Trade safe.

No comments:

Post a Comment