Friday, May 14, 2021

SPX Update: Targets Captured; Inflection Zone

Last update I noted that I would like to see another wave down, and SPX obliged.  While there's been nothing unexpected to this point, now we're into an inflection zone, so we'll just have to see how the market wants to handle this from here.  The support/resistance lines on the chart below may continue to prove helpful in that regard:

More detail on the count potentials:

Below the intermediate trend line, but just barely:

And right at the long-term red trend line:

Finally, since we've been discussing inflation lately, I found this (below) amusing.  Apparently, we've got it all wrong, and inflation is actually a good thing.  Who knew?

In conclusion, things have gone to plan to this point, but now we're into the inflection zone, and the market can go either way.  We'll track it as it develops.  Trade safe.

No comments:

Post a Comment