Friday, March 8, 2024

SPX Update: The Trend is Your...

On February 26, I wrote: 

[T]o my way of thinking -- at least for the time being -- it's just a matter of following the trend until we get another impulsive decline to signal a possible short-term (or longer term, if it's a larger impulse) trend change.

And there's been no change to my stance.  So there really hasn't been a whole lot to say (since I don't like to repeat myself too often) in the weeks since.

Last update noted that SPX had finally formed an impulsive decline, but also that there were reasonable odds it was just the C-wave of an expanded flat, and hence the end of a correction and not the start of one.  The indicator that bears would have needed (in order to tilt the field their way) was a break below Tuesday's low, but that never came:

Beyond that, not much more to add, still... for now.  Trending markets can be a bit boring.  As the old saying goes, "We contend:  The trend that's your friend may extend and append, so don't condescend lest your bowels distend."  Or something like that.  Trade safe.

No comments:

Post a Comment