Friday, September 3, 2021

SPX and NYA Updates

"Politicians to the left of me,
Bankers to the right,
Here I am... stuck in the middle with you."

-- SPX, Greatest Hits (Remastered for 2021)

SPX has finally broken above black, but near-term, has remained stuck between the next trend lines:

NYA looks eerily similar:

In conclusion, SPX and NYA are holding their own so far, but bulls are not entirely in the clear just yet, so no real change from last update, where I wrote:  

[T]he "standard" fifth target zone of June 7 (4480-4550) has been almost fully captured now, placing SPX at a decision point (see first chart). While a whipsaw of black wouldn't be the end of the world for bulls (see smaller subdividing bull 1 of iii of (v) option), it could be a warning of more bearish things to come, and thus harder to trade -- accordingly, bulls would like to see this back test of black hold for the near-term.

While I know everyone wants to know exactly what's next, there are simply some times where we have to let the market communicate.  Trade safe.

No comments:

Post a Comment