Friday, November 22, 2019

SPX Update: "Backing and Filling" Hit

Last update suggested it might be time for some backing and filling, and Wednesday saw the sharpest decline we've seen in a while.

In conclusion, SPX has, thus far, fallen a little shy of the downside "guesstimate" zone of 3080ish, and it appears to have done so in three waves, so it's possible that's all the market wanted.  I'm not going to speculate at this stage, but will let the market lead -- thus, if bears can keep pushing lower, then we might start considering at least the potential of an impulsive turn from the all time high.  We'll see how the next couple sessions develop.  Trade safe.

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