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Monday, January 27, 2025

SPX and INDU Updates: Keeping It Interesting

As of right now, futures are indicating a gap down open, which is going to leave the larger flat we've discussed over the past couple weeks very much on the table.  The first zone to watch is blue:



INDU did not make it nearly as far back up as SPX and is being rejected (as of right now) at its black trend line:



In conclusion, the next zone to watch in SPX is the blue trend line.  If that breaks, then we could well be looking at the aforementioned complex flat, which has a textbook target of 5690-5710 (though, being a corrective pattern, always reserves its right to fall short of that target).  If that happens, it would continue to imply at least one more high, though there are patterns that could be complete at the most recent ATH -- so we'll at least keep that possibility on the back burner, depending on what happens next.  Trade safe.

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