Friday, June 30, 2023

SPX and NYA Updates

There's little change from the past few updates, but last update I did state that my lean was that the current bounce was wave 2/B, and that lean is going to be tested today.  While B-waves aren't subject to the same rules as second waves, the second wave option would be off the table north of 4449 (the B wave would not).  

The micro count outcomes above have no impact on the bigger picture:

NYA is the market that has greater potential to impact the big picture -- if it were to sustain trade north of the blue (C) high, then that would signal slow going for bears for a while.  That could either take the form of a diagonal, which would need at least several more weeks of sideways up, or a bull nest (or a b-wave high -- but let's not worry too much about these unless/until bulls break the blue (C) high!  In a perfect world, they won't break it at all.)

In conclusion, not much to add to recent updates.  Don't forget that Monday is a short session (close is at 1 p.m.), and Tuesday is the Fourth of July, so the market is closed.  Trade safe.

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