Wednesday, July 8, 2020

SPX and INDU Updates: Still no change

Last update noted that bears would like the rally to stall fairly directly, and stall it has, so bear hopes for a second leg down remain active:

Bigger picture -- and on the flip side of the coin -- on June 29 I noted that INDU was testing support and that it might lead to a bounce -- and, of course, it did... so that solidifies that zone as the first level bears need to claim and hold:

In conclusion, ideally, I would still like to see another leg down to break last month's low, but so far we only have three waves down from yesterday's high, so no confirmation of even a micro turn yet.  We'll see what today brings.  Trade safe.

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