This remains a difficult market to predict, but I'm still holding out hope for the expanded flat red wave ii in NDX. If that's the pattern in NDX, then (in a perfect world) NDX would rally up to 5684-5757, then reverse and head back down to break the most recent low. Of course, this overall market is hardly the market we would expect in a perfect world. At least, it's not the market I would choose for my personal perfect world, but maybe somebody else would; to each his own, I suppose.
SPX has, so far, held the bull/bear line in the sand (2405), so there's no new information out of this index:
In conclusion, SPX is a giant noise zone going back to June, so until it breaks out of the edges, it's going to be nothing but noise in the interim. NDX has at least been reasonably predictable prior to this point, but it's worth mentioning that while the option of a "completed decline" looks less probable, it's not impossible -- and that's a change from the beginning of last week (it looked virtually impossible, pattern-wise, at the beginning of the week -- and NDX did then make lower lows). In any case, there's really no new information from the market since Friday, so there's really nothing new to add to (or subtract from) the prior update. Trade safe.
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