This remains one of the more flummoxing moves of the past few years, as the market continues to grind sideways, chewing up everyone in its path. This is the type of action that chop zones are known for -- this is one of the reasons that, exactly a week ago, I began warning that it was dangerous to try and read too much into the action within this range.
Wednesday's update noted that sustained trade south of 1984 SPX would be bearish, but SPX has so far been unable to sustain any breaks of 1984 -- on Wednesday, it was only able to break that level by one point, for a few brief moments, and it was unable to print even one full 5-minute bar beneath 1984.
The options for the wave counts right now are still too numerous to list, so I'm publishing two charts in this update that will hopefully help narrow things down (somewhat) in real-time.
First is INDU:
The next chart shows a few of the near-term options for SPX, and some key levels. The expanded flat referenced in the top panel is shown in blue.
Beyond that, there's not much to add to the last week's-worth of updates (unfortunately). Hopefully next week will bring a clearer market. Trade safe.
No comments:
Post a Comment