Wednesday, September 6, 2023

COMPQ and SPX: Upside Target Captured

Last week's updates focused on the next upside target zone for SPX, and that zone was captured on Friday:

While it's obviously of no harm to bears to see SPX rejected from its target zone, they do still have things to accomplish to get to the next phase.  SPX (above) outlines some of the immediately-close zones, while COMPQ (below) takes a broader view:

On the flip side, bulls are still below their next meaningful resistance zone:

In conclusion, SPX reached its target zone and was rejected, we'll see if bears can do more with that.  Trade safe.

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