Wednesday, October 12, 2022

SPX Update: They Shoot Markets, Don't They?

Since last update, SPX has remained range-bound, which is probably not what bulls want to see.  Technically this is still within the near-term inflection zone (big picture remains bearish either way), but so far there's been nothing to give bulls hope.

On the simple trend line chart, bulls would first need to sustain a breakout above the black channel:

In other news, TLT is now within spitting distance of my April target:

On that subject, it seemed like a good time to bring the 10-year yield chart (also originally from April, and last updated in August) forward:

Finally, I realized that I forgot to include the target zone for oil's primary third wave, which is 249-285, so I added that to last update's annotation:

In conclusion, there's no real change from the past few weeks of updates, but so far bulls are not seeing much to give them near-term hope.  The long-term outlook remains bearish either way.  Trade safe.

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