Monday, June 1, 2020

SPX Update: No Change

America is burning.

I have so much I want to write about all this... and yet I don't want to write about it.  Not today.  The wounds are too raw for everyone.  And we -- collectively -- don't hear each other.

I'm tired.  I think many of us are.

All I'll say is that the (presumably pending) Supercycle peak seems more real by the minute.  The main thing I'm wondering now is how we get a recovery.  Maybe we won't get a real recovery; maybe the fifth wave I'm looking for in the market will be 100% driven by funny Fed money.  (Or maybe we'll get a "failed fifth.")

I'm just thinking out loud above, so don't read too much into it.  Who knows; for the sake of the masses, hopefully things will improve fundamentally.  Just emotionally exhausted right now because I'm tired of watching my home country destroy itself in so many different ways.

I'll leave it at that (for now).

Market-wise, not much happened on Friday.  The decline from 3068 did become an impulse, but there's some question as to whether the 3068 high is a b-wave high.  If it is a b-wave, then the impulsive decline is wave c of an expanded flat and the end of the correction instead of the start of it.  The first step for bears would thus be to capture Friday's low.

Near-term, SPX found support a couple points above the green line, creating a channel:

In conclusion, nothing much has changed since last update, so there's simply not much to add.  Trade safe.

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