Friday, June 26, 2020

Late SPX Update: So Far, So Good

My apologies for the late update today.  I had to travel yesterday for a minor dental surgery, and could not get enough rest to get up in time for an earlier update (I barely woke up at 3:25 a.m., just enough time to get to my screen before the cash open!).  I think that technically I'm still supposed to be in bed (they tell you to get rest afterwards, and I didn't get much, so...)

In any case, the presumed B/2 high has held, and that led to a solid sell-off.  Note the break of the red trend line was followed by a back-test of that trend line, which was solidly rejected this morning.  It will be interesting to see if bulls can muster another test of that line, but if they can, then I personally would probably treat it as another sell op (not trading advice):

In conclusion, so far, the presumed B/2 high has held.  Bears will have to be at least a little cautious as we are now retesting the A/1 low, and B/2 can always become more complex if it wants.  Beyond that, assuming that the larger degree red (2) count is correct, current targets are listed on the chart.  Trade safe.

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