I didn't update the COMPQ chart, because I didn't want to redo all the annotations (which delete themselves any time I update it), but this appears to be an impulse down. The bull counterargument here would be that said impulse is wave c of an expanded flat, and that's not impossible:
The bear counter would be the long-term, which continues to look iffy for bulls:
INDU has given a bearish signal with its breakdown and failed back-test of blue, but not yet overlapped black horizontal support, so it's only a partial signal so far and thus still can be subject to being reversed:
In conclusion, the simplest version of things is this: SPX reached its first downside target and bounced; if bulls can continue that bounce, then we can't rule out new ATHs coming. But, if bears can sustain a breakdown at yesterday's low, things are going to start to look bleaker for bulls. Worth noting that yesterday's bounce sure felt like a short-covering rally. Trade safe.
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