Friday, May 22, 2020

SPX and NYA: No Material Change

Last update noted that the market had reached an inflection zone, and it's gone sideways since then, so there's no real change, but a couple zones to watch.

SPX reacted to two of the lines on Wednesday's chart:

NYA moved sideways/up, but it's still below the Red 1 high.

Beyond that, not much to add since Wednesday's update.  The first zone bears need to claim and hold is clearly ~2937ish.  If they can do that, then they probably get a trip to the blue line.  If they can then sustain a breakdown of ~2900, they probably get a trip to the black line.  First things first, though, and none of that happens if they can't sustain a breakdown of the first support zone.  Trade safe.

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