Friday, June 17, 2022


Yesterday, SPX captured its third downside target, and, as we'll see in a moment, tested potential support zones in a number of markets.  We'll also look at some possible target areas in the event support fails.

First, the legacy chart:

Next, COMPQ hit a horizontal and bounced:

NYA hit a horizonal and bounced, but is still below black:

The very long term chart, for reference:

And finally, bulls haven't done much yet -- if they can't muster more, then the chart below lists some additional downside zones:

In conclusion, SPX has captured its standing primary downside targets (for now), and some old support lines were tested, so it's always possible a larger bounce could develop here -- but so far, bulls haven't done anything but retest some broken support zones.  If they cannot recover those zones, the waterfall will continue.  Trade safe.

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