Saturday, March 3, 2018

MTU Weekend Ed. - Squeezed (3/2/18 close)

SPX is squeezed between the lower boundary of its trend channel (blue) and overhead resistance (red) and has shown strong reaction.  New high likely if the red line is overcome and ~2400 likely if the blue channel is overcome.
Last week's selloff is likely a three-wave structure so far (blue), although one can track out a five-wave structure (red).  Early next week should tell.
A three or five has implications on the near term structure.