Friday, August 18, 2023

SPX, COMPQ, INDU: INDU Captures Both Downside Targets

It's time for me to bite the bullet here.  At least since August 4, I've been wanting to throw caution to the wind and proclaim the rally over, but are you kidding me?  Have you seen this market for the past 6 months?  No one in their right mind would ever declare the rally over, ever.  So I'm not going to do that just yet, but I will say I've been leaning that way for two weeks, and so far, the market is giving more and more reason to continue leaning that way.

Let's look at some charts.  

First up, INDU captured both its downside targets:

Turns out this VLT SPX trend line was a good one:

Next, NYA is close to overlap:

Here's one for the bulls:  COMPQ support just below.

And one for the bears:

In conclusion, I have no issue with admitting my lean is early (it was actually way early, but I didn't feel it was prudent to discuss yet), so the market could surprise and change its appearance to something more bullish, but so far, everything continues to align for bears.  Trade safe.

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