Last update was slightly leaning toward a more complex near-term correction, which appears to have failed to materialize, but noted that even if we got one, it wouldn't eliminate bigger bull options. On that note, TRAN has, so far, managed to hold its discussed breakout, and other markets are threatening to break out (which we'll get to momentarily):
Bigger picture, SPX has cleared near-term resistance, which means it may finally head up to test the red line we've discussed many times previously:
In conclusion, SPX has cleared near-term resistance, and other markets are threatening to do the same. NYA captured its third wave target from June 2020, but seems to have worked off its 4/5 unwinds without losing much momentum. We'll see if these breakouts stick, but if they do, then this means that bulls may still have a larger fifth wave to unwind before bears get another chance. Presuming we're into the zone of beginning a "final fifth," it also means that, even if this turns into a blow-off higher first, when that bear chance finally comes, it could be a doozy. Trade safe.
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ReplyDeletecan somebody please comment where the red line resistance is at today / this week? hard to tell on the long term chart posted.
ReplyDeleteInsane historical times in politics and economic growth. Jim Crow resurgence, largest disparity ever between rich and poor, government policy is now cohesive with both parties abandoning any disguise to tame the debt. We are witnessing something greater than the last great depression. How high & long this move lasts is anyone's guess. Eye of the Storm is where we are. Beautiful weather!
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