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Wednesday, May 1, 2024

SPX Update: But Who's Counting

Since last update, SPX rallied up into its first target/inflection zone, then the inflection zone did its job and SPX topped right at the "bear: c" label that I'd placed on the chart on April 26.  I didn't even need to move it for today's update:


So, this is a do-or-die moment for bulls and bears.  If bulls could turn it back up over this week's high, then they could have a bull nest underway and launch a strong rally.  If bears can keep pushing lower and break 4953, then they will be getting into the ballpark of a possible impulsive decline, which could signal a larger trend change.  The upcoming sessions could thus be important for setting the intermediate tone of the market.  Trade safe.

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