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Wednesday, September 25, 2024

SPX and INDU Updates

Nothing to add to the past couple updates, except to note that SPX made a new high, confirming the read that it had only formed three waves down and that north of the blue line would be trouble for bears.  I can't find the live chart to update, so I'll just reprint that chart briefly.  More than anything, this serves as the 8,347th reminder for "why I like to await an impulsive decline before getting too bearish."



SPX is still hovering near its first inflection zone:


As is INDU:


So not much to add here, other than to note that awaiting an impulsive decline is still a good idea, as it's as yet unclear whether the market is ready to start topping yet or not.  Trade safe.

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