Wednesday, September 2, 2020

SPX Update: Still No Material Change

Yesterday, cash officially captured my next near-term target of 3520-25... today it's going to launch higher right at the open.  And when we look at the recent charts, we can immediately see what triggered this reaction:

Bigger picture, I still expect we're going to run higher to ultimately test the black trend line -- and here again, note the value of this "simple" chart.  I first pointed this out when SPX broke out over blue, and it's done nothing but run higher since that breakout:

In conclusion, there's nothing much to add regarding the market.  At some point we'll get a correction (presumably the market cannot run to infinity), but we'll just, as I've said for a while, have take that as it comes.  For the bears, think of it this way:  Even if there were to suddenly be a sharp turn lower, if it's going to go anywhere meaningful, we should have plenty of time to get on board.  Trade safe.

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