Monday, July 31, 2023

SPX and NYA: Near-Term Potential

There's one near-term chart to Friday's comprehensive update -- the near-term SPX chart:

On the chart above, the ending diagonal might need two more slight new highs, while the complex flat could reverse lower directly (though would ultimately revisit these highs after visiting the 4520s or below).

Given long-term overhead resistance (chart below), the above seems like a reasonable near-term possibility, which would also accomplish the goal of being confusing to many participants.

NYA is also facing intermediate overhead resistance:

Not much to say beyond that.  Trade safe.

No comments:

Post a Comment