Wednesday, April 5, 2023

SPX: "Clowns to the Left of Me, Jokers to the Right... Here I Am, Stuck in the Middle with Glue"

I think we only need one chart today.  Weeks ago, I said that "unless/until blue 2 is broken, we're going to presume we're in blue ii," and we're now at the "do or die" stage of that presumption, since blue 2 is not far overhead.  So while Red 2 remains possible, it doesn't gain significant traction until blue 2 is broken.

In conclusion, SPX remains in the light blue circle inflection zone, so it remains to be seen if this will generate a reaction.  If this is blue ii, then a reversal should be on the horizon.  If it isn't, then it isn't, and we may know that soon enough, too.  This market has been tough because we've been stuck in a trading range for almost a year now, and patterns get increasingly difficult the longer a range continues.  Trade safe.

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