Wednesday, September 15, 2021

SPX and NYA Updates

Last update expected further downside "after the current bounce completes" and that came to pass.  There's actually little to add since last update, except to note that SPX has now reached the next red horizontal, which is potential support:

NYA is still above its next (apparent) key zone.  There are still a few tricks bulls could pull if that zone breaks, but it would be one more thing that lowers their odds:

In conclusions, the question at the moment seems to be whether bulls will manage a near-term bounce, perhaps back up to retest the black trend line on NYA (dragging SPX with it, perhaps also to test its black trend line).  Other than that, it's hard to find a lasting bottom pattern here, so lower prices do still ultimately appear reasonable to expect.  Trade safe.

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