Friday, August 14, 2020

SPX Update: Short and Sweet Sleep-Deprived Update

Last update argued that Tuesday's decline was just a correction and that bulls probably still had the ball, and SPX has since made a new high, proving that thesis correct.  Lack of sleep has caught up with me this week and I got off to a late start today, so just one chart.  We can see that SPX has finally reached the May target zone:

In conclusion, SPX is finally into its +/- target zone, which (as with many target zones) is also an inflection zone.  One potential I'm alert to at the moment is for a decline toward the low 3300s, followed by another wave up to new highs, but the first step for that would be a sustained break at the red trend line.  Trade safe.

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