Friday, January 15, 2021

SPX Update

Last update noted that we appeared to have a potentially-complete five wave rally from early November (when five waves completes, it can mark a complete structure at the matching wave degree), and SPX seems to be acknowledging that inflection zone.

Big picture, SPX is still above the intermediate trend line, for now:

In conclusion, SPX has continued "hemming and hawing" around the intermediate trend line, but does remain above it for the moment, so bears have to respect that as long as it continues.  On another note, the market is closed on Monday, which gives me a long weekend from the updates, so I'll see you again on Wednesday.  Trade safe.

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