Wednesday, July 31, 2019

SPX and INDU: No Change

Still no change, except to note that the market has indeed reacted to the 3025-30 SPX inflection zone.  Bears are holding their levels, so far -- bulls also held the first test of support:

SPX has now caught up to INDU, which has stalled sideways:

In conclusion, the market is in a state of equilibrium, caught between resistance and support.  The move down from the high in SPX could be viewed as 3-waves down (so far), but I can't entirely rule it out as an impulse with an extended fifth.  Either way, the next zone bears need is clear, as is the next zone bulls need.  Trade safe.

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