Monday, April 22, 2019

SPX and INDU: Next Upside Target Tagged...

So another exciting week in the market has come and gone.  Last week the market did what it does best lately:  Nothing.

INDU did advance enough to finally begin challenging the resistance zone I spoke about a couple weeks ago:

I'm not going to update the SPX chart, because every time I try to, StockCharts deletes ALL my annotations -- so I'll simply note that while SPX has reacted to the noted inflection zone, we don't know yet whether that will be short-lived.  Bears will need to sustain a breakdown at 2875ish to at least begin to open up possibilities on their end.

In conclusion, last week began and ended in roughly the same place, providing little in the way of new information.  As I suggested on April 12, this would take a little time to play out once we hit resistance, which we've now done.  As soon as new information becomes available from the market, we'll have more to talk about.  Trade safe.

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