Friday, April 29, 2022

SPX Update: 7.62 mm Full Metal Jacket

Ya' know, on Wednesday, I almost announced that I would take Friday off, on account that Thursday was my wife's birthday (which meant I couldn't get to bed at the stupidly-early hour I need to here in Hawaii, in order to be awake at 2:30ish a.m.) but instead decided to pull a Full Metal Jacket and say to myself, "I can hack!"  But as fate would have it, I could not, in fact, hack, and I ended up getting off to a "late" start here, where it's currently the late-riser lazy-person hour of 3:35 a.m. -- so just two charts this morning.

The big picture is unchanged:

Near-term, SPX could have completed the dreaded fourth wave yesterday, but fourth waves are everyone's nightmare, so it can always become more complex:

I noted on Wednesday that the T3 target zone capture was also an inflection point. and we did end up getting a bounce there, but be aware if SPX manages to sustain a breakout over yesterday's high without breaking below 4188 first, then bears might want to be cautious, as there are still options (if those conditions are met) for larger complex rallies.  Trsde safe.

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