Wednesday, June 19, 2024

SPX Update

Last update noted that there was a reasonable possibility that the few days prior had merely been a micro 4th wave correction, and SPX proceeded to launch a pretty blistering rally from there.  I continue to encourage bears to await an impulsive decline before getting too committed, especially since a continued 5th wave extension is not outside the realm of the possible.

In conclusion, the last few updates have (in my opinion) clearly outlined where I stand on this wave.  Essentially, while it's very possible that we're closing in on the end of this rally, and several other indices are behaving much more weakly than SPX and COMPQ, the trend in SPX remains up until there's an impulsive turn lower.  Trade safe.

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