Friday, March 10, 2023

NYA and SPX: Another Hit

Last update noted that SPX turned where it needed to, and within 8 points of its upside target -- and the bear count for the decline to make another new low was given as a "slight favorite."  That new low has since happened, so things are looking as rosy as they can for bears at this point.

Everything looks pretty good for Blue 2, but I always look for other potentials in case of error, which we'll discuss on the next two charts.  First, SPX is back to the red trend line:

Second, the black diagonal can't be entirely ruled out just yet, but it's probably a heavy underdog:

In conclusion, last update's lean toward another new low proved correct and bears have again done what they needed to.  While I can't entirely rule out all the near-term bull options just yet, they appear to be considerable underdogs.  Trade safe.

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