Wednesday, September 11, 2019

SPX and BKX Updates

Last update suggested that if the market were to decline immediately, it would be a buy op (as new highs would still be reasonable to assume) and "so far so good" as long as bulls hold 2957:

BKX is (so far) also performing as predicted:

Finally, I want to show one very simple chart, and this chart may be more significant than it looks at first glance.  It appears that the black trend line is rather meaningful, and that bears need to get SPX to hold below that trendline before they can get anything going on an intermediate basis:

In conclusion, SPX seems to be performing as expected, so as long as bulls can hold 2957, we should expect a new high.  Below 2957 would open up some bear potentials (and the potential for a more complex correction), but we'll worry about that if it occurs.  Trade safe.

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