Friday, December 6, 2019

SPX Update: No Change

Last update noted that the bear move could have completed at 3070:

...bears should be aware that the decline does form a potentially-complete ABC into a (theoretically) solid support zone, so if bulls want to run it up to new highs from here, there's nothing that says they can't

The market has rallied since, and looks poised to gap higher at the open this morning.

Again, given the apparent wave pattern out of the last long-term consolidation, the burden of proof will remain on bears:

In conclusion, no change from recent updates.  Near-term, there could be resistance at the blue trend line and at the retest of the all-time high -- but there doesn't have to be, presuming the bull market remains intact.  Trade safe.

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