Friday, October 9, 2020

SPX Update: No Title for You

Last update observed that Trump had caused a trend line to Tweet, which caused SPX to fall back to support, which would mean nothing for bears unless they could break below it.  Which they didn't.  Instead, the market bounced perfectly off that lower trend line... the same one I originally drew on September 28, long before Trump's Tweets.

On the daily chart, SPX is back to the blue trend line:

In conclusion, this market is just flat-out boring to me right now, because there just hasn't been much to say about it since the blue C target capture -- other than to keep repeating myself.  So, as I've repeated in every update for at least the past week:  As long as the uptrend off the blue C target remains intact, bears remain in the backseat.  (And again, the capture of that target could have completed an ABC corrective decline.) 

On another note:  It's interesting that, as of this moment, anyway, the market seems to be predicting a Trump victory -- which completely flies against the polls, some of which have Biden up by double digits (of course, we all know how well those polls worked in 2016).  So I guess we'll see what happens in that regard, and if the market changes course before Election Day.

Not much to add beyond that.  Trade safe.

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