Wednesday, April 24, 2019

SPX and INDU Updates

Yesterday (and the entire last few months, really) illustrated the wisdom of why bears who are looking to buck the prevailing trend are wise to await an impulsive decline before doing so (for more on this, see:  Why Impulsive Turns Are Important).

Other than that, there's surprisingly little to add.  NDX made a new ATH yesterday, while INDU is somewhat compressed between near-term support and intermediate-term resistance:

SPX tagged an interesting confluence of resistance yesterday:

In conclusion, the market has now rallied right up to resistance, so we could see some backing and filling to start the session today.  Normally, given the momentum of yesterday's rally, we would expect to see higher prices once that completes.  Of course, in the event we see an impulsive decline in the interim, then that could always change.  Trade safe.

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