Wednesday, January 17, 2024

SPX and NYA Updates

SPX has been rejected again by the very long term resistance line we've been watching for months:

This comes on the heels of reaching "enough waves up" for a reversal if it wants (i.e.- not enough in the charts to say with any certainty, but enough in the charts to open it up as an option):

If SPX does choose to continue lower, one possible target/inflection zone will be a bit south of 4687, but bears should also be careful around the 4730-40 zone (plus or minus, no exact targets for that zone), as that's another area that could act as an inflection for a smaller expanded flat.

Finally, NYA has continued lower since reaching its inflection zone back in December:

In conclusion, not a lot to add to the past few updates.  As noted previously, bears do finally have some opportunities again, but it's still up to them to make the most of those and not immediately let bulls back in the driver's seat.  Trade safe.

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