Thursday, February 23, 2023

SPX Update: New Lows Confirmed -- Now What?

In last update, I was of the opinion that SPX was not done to the downside and that it would need to unwind some additional lows, which it has since done.  That said, I'm still leaning toward it needing at least one more.

No sustained breakdown at the black trend line as of yet, so that's why I can't be 100% on the above read and mentioned that Thursday's low does qualify as a potential inflection (though, again, I'm leaning toward it failing):

Other than that, nothing else to add to the prior update.  Trade safe.

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