Monday, May 11, 2020

SPX Update: Scrapped!

I wrote a really lengthy piece this weekend, but it was a bit dark... so I scrapped it, because who needs dark in these bright times?  I mean, I didn't "scrap" it as in delete it permanently, I still have it and maybe I'll publish it one of these days.  But not today.

So instead we're just going to stay with the "short and sweet" theme of the past couple updates and look at one near-term chart:

In conclusion, there still isn't much to add, as the market remains in a near-term no-man's-land for the moment.  We can see the first zones bears would need to claim to get anything going, but I can already say that if we gap lower this morning, Friday's high is going to at least have potential to be a b-wave high (which would mean it's an unresolved high and would need to be exceeded).  To help rule that out, we would need to see the pattern develop into more than a single impulsive decline, or see bears break 2876ish.  Trade safe.

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