Wednesday, February 15, 2023

SPX and INDU Updates

Last update noted the possibility of a complex flat toward 4176, which may be unfolding now:

No change to the big picture, and while SPX is within an inflection zone, Red 2 remains on the table:

Near-term, the pattern has gotten noisy in INDU:

In conclusion, my initial instinct last update was that SPX had only formed three waves down and was thus likely to rally and return to the low, and I'll stick with my first read for now, but INDU has at least caused me a bit of uncertainty in that, so we'll see how it plays from here.  Trade safe.

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