Monday, April 24, 2023

SPX and NYA: Still on the Downward Side of the Inflection Zone

 On Friday, SPX dropped back into its target zone again, and again bounced:

This leaves everything in basically the same place it was on Friday for the near-term, and in basically the same place it's been for a while on the intermediate term:

There's been nothing to update about the NYA chart since April 3:

So, all-in-all, still nothing to add.  The market remains on the downward side of a pretty significant inflection zone, so if it continues to turn here, that could be significantly bearish -- but it may be awaiting the Fed before getting serious one way or the other.  Trade safe.

No comments:

Post a Comment