Wednesday, November 6, 2019

SPX and INDU Updates

Since last update, the market has churned sideways like a hyperactive crab, so it hasn't provided any new information to us.  Of some note, INDU did finally make a new all-time high, and is currently testing an old trend line:

[Note: Typo; "3005" should be "3085," obviously.]

SPX has, so far, remained in its red up-channel:

In conclusion, the market hasn't yet broken away enough to rule out the temporary bear option of a large b-wave high and c-wave decline, but it has so far only formed a three-wave decline from the all time high.  Thus, the first step for bears to get anything going would be an immediate and sustained breakdown at 3070, but even if that occurs, there are no guarantees yet that it would be anything more than a more complex correction.  We'll keep an eye on things as they develop, though.  Trade safe.

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