Friday, February 4, 2022

SPX Update

Last update called out the next potential resistance, and SPX stalled almost too cleanly at the first tag of that zone (also, note:  "overlap at 4418 WOULD suggest the rally was a three wave structure, etc."):

Potential "support" zones are highlighted on that chart now, but if the market has turned into a bear already (i.e.- if no final fifth is coming), then market participants may find that support "ain't what it used to be."

Longer-term, bears still want to see a whipsaw back into the channel to help confirm their intentions to take over the market:

Beyond that, not much to add to the past few updates.  Trade safe.

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