Friday, April 17, 2020

SPX Update: Second Verse, Same as the First

Last update noted that the market had tagged, and reacted to, resistance, and that it would be ideal to see a larger correction begin, but also noted that:

Until bears break down the above support zones, we can't entirely rule out the possibility of higher prices (especially since I can't rule out a b-wave high instead of a diagonal).

Bears then failed to break the noted key support zones, so we're back up into testing the resistance zone again today.

Beyond this, there really isn't very much to add.  Ideally, bears will make a stand somewhere in the discussed ballpark.  If for some reason they can't, then we'll burn that bridge in Monday's update.  Trade safe.

No comments:

Post a Comment