Friday, July 30, 2021

SPX Update: Complacency!

Still not much to add.  Last few updates have noted that we were likely to see the overall uptrend continue, and SPX made new all-time highs again.  It's going to gap down this morning, but at first glance, it looks like the last high was made in only three waves, which would make it a b-wave (excluding the lower probability option that it was the final wave of a diagonal), which would make the opening drop today part or all of wave c of an expanded flat.  Which would mean new all-time-highs when it completes.

In conclusion, I've noted the next downside inflection zones on the chart above.  In the event those were to fail significantly, then we might have to consider some more bearish options.  Otherwise, we'll remain complacent here (hence the title!).  Trade safe.

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