Wednesday, July 12, 2023

SPX, COMPQ, NYA: Party Like It's 2020

So far, nothing much seems to be going for bears, as every decline is bought like it's still 2020 and the market is expecting massive inflation from all the "stimulus."  On Monday, I noted that there was not yet a confirmative impulsive decline, and the market never formed one (and apparently never will again lol).

NYA continues to edge toward its key zone:

COMPQ is still in "back-test" territory:

And SPX is adding that "next wave up."  Whether it will end there or if that will only end up being the midpoint on a larger bull(ish) wave remains to be seen:

In conclusion, still watching NYA as the most significant of the current hurdles, so it's about "do or die" time for the bears.  Trade safe.

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