Wednesday, August 28, 2019

SPX and INDU: Advantage Bears...

Short on time this morning, so let's get right to the charts.

SPX is starting to get that "all roads lead lower" look.  Bulls need to sustain a breakout over 2945 to start to potentially defuse this:

Bigger picture, we're still in an inflection zone, but I did want to take a look at what I perceive to be the "most bearish" scenario, which would lead to a trip below the 2018 lows:

In conclusion, bears seem to still have the edge at this point, so we'll continue to treat this as a down trend until proven otherwise.  Trade safe.

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