Wednesday, November 20, 2019

SPX and INDU Updates

Last update noted that there had been multiple upside target captures and that we could see some backing and filling.  SPX then briefly popped higher before reversing:

Since we are dealing with a presumed third wave (and we are still presuming the larger trend is up), it is always possible that the rally will continue its relentless march northward immediately, so as noted, all bets are off if it powers through the recent high immediately.

In conclusion, we're continuing to respect the larger up trend, and merely picking nits along the way.  In the event of a larger impulsive decline, then we'll become alert to a larger pause or correction.  Trade safe.

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