Wednesday, January 15, 2020

SPX Update

We've looked at the intermediate and long term ad nauseum of late, so today we're just going to focus on the near term.

The first near-term chart shows the zone bears need to claim to start getting a correction going:

The second chart zooms out a bit and shows the larger uptrend channels (i.e.- the amount of wiggle room bulls have before they need to actually consider becoming too concerned about any near-term declines):

In conclusion, this is the nature of bull market uptrends -- they're kind of boring to talk about (I suppose that's one interpretation of the old expression that says: "Never short a dull market.").  Perhaps bears will get at least some near-term excitement soon, depending on how the market reacts to the first noted trend line (if it even reaches it).  Trade safe.

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