Friday, March 22, 2019

SPX, INDU, NDX: Chaos on a Limb

Last update was looking for further downside, which we got... but due to yesterday's rally, the charts have been thrown into borderline chaos.  Despite that, I'll go out on a limb and make a clear call -- but I'll caveat by saying that my confidence isn't terribly high, and in the charts that follow SPX, I'll discuss why that is.

First, here's my "best guess," via SPX:

Two charts of NDX:

The second shows why, via classic TA, bears probably need a turn immediately:

Finally, INDU has opened up a few more options for itself.

In conclusion, I'd prefer to at least see a break of Wednesday's low (at least in SPX and INDU, not necessarily NDX) before too much else happens.  If bulls instead continue to sustain this breakout, then all bets are off.  Trade safe.

No comments:

Post a Comment