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Monday, September 23, 2024

SPX and INDU Updates

Following up on the prior update, the market has reacted to its inflection zone, but has not yet formed an impulsive decline, which means (as of this exact moment, anyway) bulls could still recover and make another run into the inflection zone.  The near-term levels are fairly clear, at least in terms of the high probability reads (there are always weird outliers where, for example, SPX could break above blue and then collapse, those are just lower probability).



INDU probably remains the clearest chart at the larger time frames:


In conclusion, while the market has reacted to its upside inflection zone, nothing even vaguely conclusive has yet happened, so there's not much else to add.  Trade safe.

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