Monday, September 25, 2023

SPX, NYA, COMPQ: Don't Change for You, Don't Change a Thing for Me

Those of you with internet access may have noticed that today's title continues the long-running tradition (two days) of referencing classic 80s songs.  Not sure if I'll try this again on Wednesday, but I Just Can't Get Enough, so I will be Right Here Waiting to see If This Is It or not.

As the title implies, no change from last update, but I did want to bring forward the NYA chart, which I haven't updated in a while, because it's right at rising support.  If bulls can't manage any kind of reactionary bounce, then a sustained breakdown here quite likely takes NYA down toward blue 3/C:

SPX is unchanged:

Hanging out just below green, and no change:

No change to the targets:

COMPQ still flirting with next support:

In conclusion, no real change to anything.  Several market are still sitting at or near theoretical support zones -- if bulls can't manage any kind of reactionary bounce, then that tells us something about the strength (or lack thereof) of the market.  Trade safe.

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