Since capturing its June "bull count" target, SPX has remained in a near-term downtrend. Let's look at a few charts.
This jives with the very long term trend line that we've been watching since July:
COMPQ has also stalled at its inflection zone:
As has NYA:
For bears, the one monkey in the works is probably INDU:
In conclusion, multiple markets have reached and reacted to their inflection zones, so score one for inflection zones, if nothing else. It's too early to say if these reactions will be short-lived or will turn into a full-on resumption of the bear market, but that possibility is at least on the table (and fun to consider, since I suspect it would catch almost everyone by surprise). Even the more bullish case could see a meaningful correction develop, though there are no concrete targets for such a move yet. Trade safe.
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