Last update concluded:
SPX and RUT have both captured their preferred targets for significant profits, so now we're going to watch what happens next and let the market declare its next intention. As I mentioned, if I was forced to pick a side, I'd be inclined to think that the decline isn't done in the bigger picture -- but just about anything is possible over the near term here, and a decent bounce would be quite reasonable.
As of right now, anyway, there's no real change, in the sense that the market hasn't done anything to tip its hand and provide additional clarity.
Let's take a look at a few charts, starting with NYA, which hit its intended target (although the lower trend line was a bit higher than the 8800ish level I'd estimated it would be crossing when tagged):
No change to RUT below:
And no material change to SPX:
In conclusion, we're still inside territory where the wave is less predictable than it's been over the recent past. In ambiguous price territory, I'm content to simply let the market lead for a bit, while awaiting for the next "eureka" moment. Trade safe.
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