Wednesday, July 24, 2019

SPX Update: Short and Sweet

Last update noted that:

I'm inclined to lean toward lower prices at this point, at least for the near-term -- but the market might not do so directly. In fact, I wouldn't be at all surprised if it rallies back toward 3007 first, then fails to crack the all-time high, then reverses back below last week's low.

Yesterday, we rallied up to 3005.90, about a point shy of the target -- but we may yet get another wave up (bulls probably need to hold 2990ish for that to work out).  I've outlined some of the key near-term levels and my reasonable expectations assuming the market maintains those levels:

In conclusion, presently, I'm inclined to lean toward further downside (same way I was leaning in the last update:  up, which we got, then down), but do keep in mind that we still do NOT have an impulsive decline -- so I might be violating my own rules in even suggesting further downside -- thus, in other words, trade safe.

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