Friday, April 28, 2023

SPX and NYA Updates

Last update's near-term wave count proved correct, as SPX followed the iii and iv labels quite well, but the 4020-25 "big question mark" v proved to be a bit overambitious (hence the big question mark) and, while SPX did form a fifth wave down, it found support at the red trend line we've been watching forever:

Near-term, if the bounce is corrective to the decline from 4169, then it will need to hit some resistance soon -- but as noted back on the April 19, it's quite possible that the 4169 high was a b-wave, and if that's case, SPX will probably exceed it.  So we're in unclear territory at the moment.

Not much to add regarding NYA:

In conclusion, bears still need to whipsaw the intermediate red line to be in better shape, while bulls still need to sustain a breakout over 4195 to help their cause.  Between those two zones is a lot of noise.  Trade safe.

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