Wednesday, September 25, 2019

SPX Update: Next Downside "Zone of Interest" Captured

No change to the big picture.  Near-term, Monday's update suggested watching 2960-65 SPX, and SPX got there yesterday.  It does appear that it probably needs at least one more low to resolve this pattern, but a near term bounce first (or even a couple days of range-bound trading) isn't out of the question:

In conclusion, no change to the big picture.  SPX still only has three waves up from last month's low, but has not yet overlapped any key levels.  Near term, another low beneath 2958 seems fairly reasonable, though not guaranteed.  Trade safe.

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