Wednesday, June 28, 2023

SPX and NYA Updates

Last update noted that we could potentially have a bounce in the near-term, and my lean is that this bounce is probably wave 2 or B, correcting the first leg of the decline from 4448, to be followed by wave 3 or C down toward the black 4 on the near-term SPX chart:

Because of the potential ending diagonal near the low, I can't guarantee we get another wave down, but it seems a bit more probable than the alternative.

Bigger picture, there's no change:

NYA remains the same as well:

In conclusion, no change from the past few updates.  If one is of the bearish persuasion, then this bounce could be viewed as an opportunity for a small stab against the invalidation levels (this is not trading advice), since the most bearish potential allows the option that ALL OF 2 completed at 4448.  The bullish near-term option would just see us power back up beyond 4448 directly, but again, that looks slightly less likely than the option of at least one more leg down toward black 4 (and possibly beyond, if ALL OF 2 completed already).  Trade safe.

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