Monday, May 20, 2019

SPX and INDU: No Material Change

No change from last update, which made the rather bold presumption that 2/B had completed at Thursday's high.  The market continues to track according to that presumption.  Since most of us trade SPX (or ES) instead of INDU, I've added an SPX chart with comparable targets for that index.  Much below last week's low, and the zone around the falling black trend line becomes next meaningful support.

INDU's chart is unchanged:

In conclusion, bulls need to sustain a breakout over 2893 to stall or ward off the bear options.  Barring that, we will continue to presume that bears have the ball.  Trade safe.

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