Monday, November 25, 2019

SPX Update: Still No Change

Last update noted that we had the potential of three complete waves down to 3091 SPX, and thus that the market could end the decline at that level if it so chose... and, so far, that level has held.  As also noted in the prior update, bears need that level before we can consider the possibility of a larger impulsive decline (if that happens, then we might have a signal for the development of a more significant correction -- but as long as it doesn't happen, then the uptrend remains intact).

In that regard, no change since last update:

Bigger picture, I did want to call early attention to the two closest trend lines (support/resistance) at intermediate degree.  Those are worth being aware of if/when the market approaches either one:

In conclusion, no material change and the larger uptrend continues to remain intact for the time being (and for the foreseeable future).  Oh, and worth a mention:  Thanksgiving week is traditionally THE most bullish week of the year.  I don't view "almanac" type info as particularly tradeable, since it's always based on averages, but it doesn't hurt to be aware of it.  Trade safe.

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