Monday, May 4, 2020

SPX Update

SPX continued lower since last update (no surprise), which was lengthy... so I'm going to let the charts do the talking in this update.  We'll start with the near term:

The blue path is still speculative, but bears have done what they could hope for at this stage:

Big picture, a quiet (yet significant) note to the change in the alternate count (this was called for based on the pattern):

In conclusion, the market found solid resistance in the 2950 resistance zone (originally discussed on April 13), and bears have done what they hoped since, but are still awaiting an impulsive decline.  Trade safe.

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