Wednesday, December 8, 2021

SPX Update

Last update noted that the intermediate green trend line had held, and anticipated a sizeable bounce either way, but SPX has now exceeded the sketched bounce and is thus keeping the "Bull: 4" option alive.  

Let's start with the intermediate chart; the green trend line can continue to be used as a potential warning zone for bulls:

Next up is the near term.  If bears are still in the building, then they'll need to show up soon:

Bigger picture, if the bull: 4 count continues to hold and the all-time high breaks, then we'll watch the upper channel line next:

In conclusion, this is not an easy market by any means.  After acting crazy for a while, SPX has bounced strongly, keeping the "bull: 4" count on the table, but bulls are now into a zone where they may face resistance from the all-time high, so we'll see if they can keep that momentum going, or if the market stalls out soon, near-term or otherwise.  Trade safe.

No comments:

Post a Comment