Friday, May 24, 2024

SPX, INDU, COMPQ: Three Charts for a Three-Day Weekend

Last update expected SPX probably still needed at least one more high, which we got on whatever day that was.  But of course, it's never that simple (except for the last few weeks, when it was pretty simple to keep betting on higher prices), and it's entirely possible that the recent ATH was actually a b-wave.  If that's the case, bulls still get another high -- so let's look at some charts and try to figure that out, starting with SPX:

Next up, let's look at some "for and against" arguments, in the form of INDU and COMPQ.  INDU first:

"However," says that chart, "see COMPQ."  Fine, let's see it then:

So we can see that COMPQ and SPX probably give a slight edge to bulls, while INDU is a bit less clear.  To muddy the waters a bit, even if bulls still have the longer-term ball, there's always the option for a BIG b-wave high and a c-wave back below the April lows -- but we'll not worry too much about that just yet, we'll just know it's one of the options.  Don't forget the market's closed on Monday -- trade, and be, safe.

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