Monday, April 1, 2019

SPX Update: No Material Change

Last update concluded:

In conclusion, the market has done what it needed for a complete correction, but always reserves the right to form a more complex correction if it feels the need (it does complex corrections to draw out time and price, and to confuse participants).  Both options are pointed higher for the near-term, but we should approach the upside inflection point in the next session or three.  If we see an impulsive turn from that inflection zone, then we're prepared and already alert to the potential of a complex correction. 

And that conclusion is unchanged, though it's become obvious with the futures rally this morning that it was at least correct (that the fractals indicated the market would head higher over the near-term no matter what).  Accordingly, there's not much to add for today's update:

SPX's more detailed chart is below:

In conclusion, there's no material change from last update, and the prediction that the market would head higher over the near-term will prove out with today's open.  The complex correction does still remain on the table -- and keep in mind that the expanded flat pattern I've been arguing in favor of for the past couple weeks is NOT necessarily "long term bullish" -- even for the "bull count," SPX could break 2860, rally a little farther, and reverse strongly if it wants.  We'll burn that bridge when we come to it.  Trade safe.

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