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Friday, September 29, 2023

SPX, NYA, TLT: SPX Captures Target 1; TLT Confirms Long-Standing Count

As another one bites the dust, I was finally forced to move away from the 80s-music-themed titles.  Let's go right to the charts, starting with NYA:



SPX captured and exceeded Target 1 from Sept. 8:



Bigger picture, SPX is bouncing off the red trend line:



There is resistance several places overhead, with 4350ish as a standout:



And last but not least, TLT has finally confirmed my wave count from 2022:



In conclusion, bulls do have some options here, but for now, the "most common" situation would be for the current bounce in SPX and NYA to be a fourth wave.  If things get squirrely, we'll take a closer look at the bull options.  Trade safe.

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