Monday, October 25, 2021

SPX Update

No real change from last update, except to note that it's possible SPX completed blue iii of 3 at the most recent all-time high (which would still mean it's inside of the larger blue 3):

Bigger picture, if the current breakout sticks, then the upper blue line may come into play:

On another note, my friend Lee Adler posted an amusing piece on Friday... some quotes:

"US stock prices are rising again today, thanks to strong fundamental economic growth driven by free market capitalism. The rising tide of unfettered economic growth with no central bank interference means that stock prices should rise every day. And they do. What a world! All members of society will be rich, as the free market distributes wealth to all segments of society equally. Today is no exception. As you can see from this 2 hour bar chart, the market is now lifting off from a massive base. That base followed the terrible, and completely unnecessary September Bear Market of Blessed Memory. According to the rules of Modern Technical Analysis (aka MTA- change at 63rd Street for the Q line), all patterns are bullish, and the Measured Move Target (MMT, as derived) of 4680… Or 4860, I forget. Besides WTF difference does it make."

 "Modern Technical Analysis -- all patterns are bullish" cracked me up.  Apparently this market is frustrating more than one analyst right now.

In any case, in conclusion, no real change from Friday's update, with the addition of some more potential upside zones... in line with Modern Technical Analysis.  Trade safe.

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