Friday, February 12, 2021

SPX and INDU Updates

SPX hit the target zone outlined in Monday's update (and reiterated on Wednesday), then reversed:

(note that there's a typo on this chart in the date... guess I'm looking forward to the weekend?)

Bigger picture, the market has followed the map laid out on Jan 22.  Also note the example of an extended fifth shown on this chart -- in the event we were to get another one, that's what bears would be up against.  Which is one of the reasons I've been a bit hesitant to get too far ahead of this market;

In conclusion, SPX did reverse at the most recent target/resistance zone, but it's just not clear yet if that means much in the larger scheme.  We'll see how it plays over the next few sessions.  Trade safe.

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