Friday, September 6, 2019

SPX Update

Since last update, the market has at least resolved the question of "higher now or higher later" (we were looking at the option of a temporary b-wave high), and there are now 5 waves up off SPX 2834, though I'd prefer to see at least one more new high beyond 2985.  That means that if bears are going to mount any kind of defense of a C-wave, they will need to do so soon.  Otherwise, we're probably looking at bull wave (iii) and new all time highs on the horizon.

In conclusion, the market appears to have formed a five wave rally from 2985 (one more new high reasonable to expect, but not absolutely required to complete 5 up), so if bears have anything left, they need to show that via an impulsive decline and some support whipsaws.  Trade safe.

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