Friday, July 8, 2022

SPX Update

Last update discussed how INDU had made a new low on July 5 and that this might be a hint that the current bounce might not last.  Since then, SPX rallied up through both near-term resistance zones, but did find some resistance shortly before yesterday's close.  In a perfect bear world, they'd probably like to see yesterday's high hold, but in the event it doesn't, there is additional resistance in the zone between there and the June 28 high.

Beyond that, not much change from last update, except to note that Stockcharts has been deleting my annotations again, and I get tired of retyping them for every update:

So here's what the annotations said last time:

In conclusion, other than that, not much to add from last update.  Trade safe.

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