Friday, June 3, 2022

SPX Update: Good Sir, Could You Spare Me a Label?

Since last update, SPX declined to the blue "4?" label on the first chart, hit that label and bounced (labels sometimes act as support and resistance -- sometimes when I need a few extra bucks, I'll open Stockcharts during the session and throw a quick label on a chart to create reversals.  Of course I'm kidding!) The end result is that, amazingly, there's been essentially no change from last update.  To the point that SPX might even do the exact same thing again.  4038+/- is an area of interest:

And since there's no change on that chart, there's no change on this chart:

In conclusion, SPX could have completed ALL OF C at yesterday's high, so we can't take this inflection lightly, as it could head straight on to new lows from here... but I have the sneaking suspicion we might see a repeat of the last few days ("second verse, same as the first!").  We have to be prepared for either outcome though -- such is the nature of complex corrections.  Trade safe.

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