Wednesday, February 7, 2024

COMPQ, SPX, INDU Updates: Not Just Yet, But Maybe Soon

Gonna let the charts do the talking today, starting with COMPQ, which has done a good job keeping us on the right side of the trade for the past few weeks:

SPX in a similar position:

As I mentioned a month ago, INDU continues to be the thorn in bears' side.  The first chart discusses the most bullish option:

The two options that offer bears some relief would be (1) the diagonal shown below, or (2) a large b-wave high that revisits the 2022 lows before heading back up:

In conclusion, the market still appears to have higher to run over the near term, but will soon be getting into a near-term inflection zone.  We'll see how it handles that.  Trade safe.

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