Wednesday, June 7, 2023

SPX and COMPQ: What's Old is New Again

You know you're dealing with an exciting market when the most recent annotation you wrote on a specific chart was 11 months ago -- but that annotation remains relevant almost a year later.

No real change since Monday's update.  A reminder that Blue 2 would be off the table north of 4326 -- and that the horizontal zone around 4326 is potential resistance.

In conclusion, this market is rather unique, at least to most people who are trading today.  We certainly haven't seen anything like this in decades.  I started trading in the 1990s, and I've seen bull moves, bear moves, and sideways grinds -- but during that time, I can't recall a market that spent a full year going nowhere, as this one has.  Hopefully, it will also be the last market we see like this for the next 25-30 years.  Trade safe.

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