Friday, May 8, 2020

SPX Update: No Change

On Monday, I noted (on the first chart):

"So far, the decline is still three waves (and will be even if we open a bit lower today).  Bears need to create an impulsive decline to help confirm the presumed near-term trend change." 

Then on Wednesday, I reiterated:

...this decline is still three waves from the high, which means the market has kept its options open for the time being. 

And nothing has really changed.  So: short and sweet update today.

In conclusion, there's no real change since Monday, other than to reiterate that SPX is approaching potential resistance at the 2910-15 zone (which is a zone I've noted on the forum several times), so there may be some reaction to that zone. Beyond that, this remains something of a no-man's land, at least for the near-term.  Big picture, the preferred count continues to believe that Wave 4 bottomed at the March low and that the market is currently in a fifth wave to new all-time highs.  Trade safe.

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