Monday, February 6, 2023

SPX and NYA: Keeping It Lively

So they're keeping things interesting for now.  Last update noted that NYA had come exceedingly close to its two-month-old target:

And now SPX is threatening to whipsaw its most recent breakout:

This action keeps blue 2 on the table for the time being:

In conclusion, bulls need SPX to recover its breakout, which would clear the way for further upside.  If they cannot do so and this breakout whipsaws, then the confluence of the red and black trendlines on the final chart above may be worth keeping an eye on as a potential downside target area.  Trade safe.

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