Monday, January 27, 2020

SPX and INDU Updates: Bears Show Up

Last update noted that we could finally be nearing a correction, and here we are.  I spent a lot more time charting than I had anticipated, so I'm going to let the charts do the talking from here.

SPX weekly:

SPX near-term:

SPX Daily:


In conclusion, last update's suggestion that we could finally be nearing a correction is no longer in doubt -- we are officially in our first decent correction since early December of last year.  The pattern off the high is a bit screwy, so there's little in the way of concrete targets at the moment.  Trade safe.

No comments:

Post a Comment