Monday, May 9, 2022

SPX Update: No Material Change

I spent the weekend working on a longer piece about Supercycle declines, but it's not ready for primetime yet, so short and sweet update today, since there's no material change from Friday.

First up, the near-term chart:

The expanded flat count,, which would continue to behave in a similar fashion to the count above at this point:

And the bigger picture, which likewise remains unchanged:

Continue to keep in mind that an extended fifth remains possible with SPX in the current position, so if there's a sustained breakdown, draw your crash channels and don't even think about covering until there's a sustained breakout above that channel (not trading advice).  Trade safe.

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