Wednesday, August 30, 2023

SPX and COMPQ Updates

Yesterday saw the rally lunge higher, so no real change from 8/21, when I noted we'd reached the three-wave downside inflection zone, and thus that bears would need at least one more wave down to make things more interesting.  So far, bears haven't been able to get that done, so the possibility that the prior swing low marked the end of a corrective decline remains on the table.

COMPQ still illustrates bears' conundrum:

I've drawn up an SPX chart noting some levels of interest:

In conclusion, there's nothing to indicate a larger trend change yet, so we'll watch to see if that changes or if bulls run with it.  Trade safe.

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