Wednesday, July 21, 2021

SPX, NYA, INDU: Inflection Zones Working Properly

Last update noted the next key inflection zone in SPX, and the market dropped straight to that zone and bounced hard:

Right on the nose on the big picture chart:

NYA captured its standing breakdown target:

INDU is, once again, interesting.  In the event bulls were able to sustain a breakout to new ATHs, that could suggest iii of 5 unfolding.  If this week's low breaks instead, then that would tell us something too.

In conclusion, SPX hit its inflection zones and bounced, leaving us to take it as it comes from here, for the moment.  Trade safe.

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