Monday, June 24, 2019

SPX and INDU: Bears Give Themselves a "Maybe" -- for Now

While not much has changed in terms of prices since the prior update, the market has now opened up a bear potential.

Given that this pattern could also be a bullish b-wave high (which we could learn as soon as today or tomorrow's session), I would like to see a little more from the market before calling it more than a bear "potential" at this point.

Bigger picture, nothing has changed since the prior update, and I haven't done anything with the following two charts, since if I try to so much as adjust a label, I run the risk of offending the StockCharts gods, which causes them to delete entire annotations while laughing diabolically.

Nothing changed on INDU's chart either:

In conclusion, bears do at least have an opportunity to do something here, but I can't say for certain whether they will or not, and await a bit more info from the market before making firmer proclamations.  But at least for now, this does keep the bear case very much alive.  Trade safe.

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