Monday, July 10, 2023

SPX, NYA, COMPQ: The Eye of the Storm

Last update concluded:  

[A]s I've stated previously, unless and until NYA breaks out over its blue (C) high, I'm continuing to give bears the benefit of the doubt. While there are several near-term options, if NYA is to hold its key high, then there's just not a lot of room for bulls to run much higher. If I'm wrong, then I'm wrong, but right now, this makes more sense to me than the bull alternative.

On Friday, SPX initially rallied strongly, but it then reversed equally-strongly and gave back all its gains on the day.  This is normally not a bullish development -- which, in essence, means there's no change from Friday's update.  So, I've updated the charts with the latest price action, but as I've outlined several times recently, I continue to favor the bears until proven otherwise -- thus, unless and until the market "proves otherwise" (or, conversely, until such a time as there's a more confirmative reversal), there's still nothing new to say about the charts.


SPX near-term:

SPX intermediate term:

COMPQ very long term:

Trade safe.

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