Friday, June 18, 2021

SPX, INDU, NYA Updates: Right to Be Skeptical

As it turns out, I've been correct to be skeptical of both INDU and the wedge shape that seemed to be forming in SPX, and the market reacted negatively to the Fed.

INDU hasn't quite reached its "resolution" yet, but acting against the blue "B/2" label worked better than ignoring it.

SPX dropped right into first noted support, and has been reacting to it ever since:

NYA headed toward its red "4?" -- but do note no change in the event it reverses higher into a sustained breakout (then it becomes a potential bull nest).

In conclusion, the noted rising wedge actually presents a bit of a conundrum in that it could be ALL OF 5 instead of a B-wave high.  I continue to suspect lower prices for now either way.  Of course, if the market reverses up to new ATHs immediately, then it could be quite bullish.  Trade safe.

1 comment:

  1. I don't like the NYA ambiguity. Everything in this Bull run from 2009 is ABC, ABC etc... When you look at it that way, everything becomes more clear.