Wednesday, April 26, 2023

SPX and NYA: Rejected from the Inflection

For the past few weeks, the market has been stuck "on the bearish side of an inflection zone" (as described in the last update).  Yesterday, SPX and NYA both made their first significant breaks lower in weeks.  This confirms the inflection zone, no matter what else happens from here, but as long as bears hold those recent highs, then they're in good shape.

Continue to keep in mind that, as noted many times, that was a very significant inflection with the potential for things to get very bearish from here:

Near-term, SPX finally appears to have an impulsive turn at micro degree:

In conclusion, bears still need to whipsaw the red intermediate trend line, but if they can sustain a whipsaw there, they will be in very good shape.  Trade safe.

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