Friday, August 4, 2023

SPX, NYA, COMPQ: Resistance Resists...

Here's what we have so far:
  1. The market has indeed encountered resistance at the resistance lines we've been watching.
  2. This is about the best bears could have hoped for at this point, but
  3. So far, the decline is not yet impulsive.
In other words, it's everything bears could want at this stage, but thus far is not enough to definitively signal they have the ball, so "just a near-term correction" is still possible.  I can't sum it up much better than that.

Finally, I did want to revisit the near-term chart from earlier this week, since SPX never rallied high enough to bring the speculative option into the fore:

In conclusion, as I said at the beginning, I can't sum it up much better than I did there, so I won't repeat myself here.  Trade safe.

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