Thursday, November 14, 2019

SPX and INDU Updates

Last update suspected we might get a near-term pause in the rally, and the market has moved sideways since then, but futures tonight have broken above their prior high.  This suggests that either the pause was a consolidation for a new leg higher, or (if futures reverse directly), we could get an increasingly complex correction and another b-wave high.  Both options suggest the rally has farther to run -- either immediately (if the consolidation is over) or after a more complex correction (perhaps to the 3070ish zone).

INDU is still below the noted trend line.  Bulls still need to sustain a breakout over that, to help rule out the more complex corrective option.

In conclusion, still nothing much to add.  The trend remains up, and if the most bullish intermediate option is true, then will continue to do so for a while.  Trade safe.

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