Wednesday, March 3, 2021

SPX Update

The market generated quite a bounce from its first downside inflection zone, but it did complete one potential pattern before the close on Monday (a complex WXY).  After the session on Monday, I published the following chart in the forums:

This makes Monday's high an important inflection for bulls.  Thee chart below (published in Monday's update) has also proven useful:

Finally, bigger picture, bears need to sustain a break at the rising black trendline:

In conclusion, if Monday's high holds, there is at least the potential for this to be a massive bear nest.  And if that high holds, at the very least, we should retest/break last week's low.  If 3914 doesn't hold, we'll likely revisit the zone near the ATH.  Trade safe.

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