As of this instant, we still do not have an impulsive decline, and it does appear that the last dip was probably just another corrective fourth wave. So for now, we're just going to focus on the big picture:
And since then, the market has continued in a sideways/up grind, so no change yet, and we're going to continue focusing on the big picture, along with an additional chart. First up is SPX, which is unchanged:
Next is BKX, which, in classic technical analysis, would have a bullish appearance if it can sustain a breakout over the black line:
If BKX sustains a breakout, that would (again, traditionally) imply a move toward "or 4?" Which, in turn, would imply SPX may well be headed toward the higher red "or 2." Of course, BKX does need to sustain a breakout first, but if it does, it would call for continued bear caution.
Not much to add beyond that, except to mention that tomorrow is Thanksgiving. My in-laws will be on-island for the holiday, and Friday is a short (and typically light-volume) session anyway, so I'm going to take a (I believe!) well-deserved day off on Friday. Happy Thanksgiving to everyone! And trade safe.
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