Monday, March 1, 2021

SPX and NYA: First Downside Inflection

Last update discussed some of the things bears would need to do next to help give them greater confidence, and Friday tested a couple of those first zones, but (so far) held.  NYA provides first case in point:

Thanks to the nature of expanded flats, SPX has left open too many potential patterns:

In conclusion, we're near/at some of the (first) downside inflections discussed on Friday, so bears and bulls alike need to be prepared for possible market "shenanigans."  Recall that inflection zones are always potential reversal zones.  Trade safe.

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