Wednesday, June 3, 2020

SPX Update: (Insert Interesting Title Here)

The market continues to cast aside any hopes of a decent correction and has, so far, continued to grind relentlessly higher.

My suspicion that last week's high was a b-wave ended up being confirmed yesterday, with new highs.  But we are still within the red (1) inflection zone.

Big picture, there's been no change in a while, and SPX has continued to hold the March 23 low, where it had captured its final "official" downside target in SPX:

Near-term, SPX has remained within the red channel discussed in the last update:

In conclusion, SPX remains within a larger inflection zone, but thus far, bears have not had any clean (meaning clean top with no potential b-wave) impulsive declines, and given how the market has behaved so far, they may do well to continue to await one.  Trade safe.

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