Saturday, March 25, 2023

MTU Weekend Ed. - Basing (3/24/23 close)

Despite concerns and volatility, SPX was up 1.39% this past week. 

SPX also closed above its 2022 trendline for a second week. 

The upswing from the March low looks corrective so far, unless a triangle wave four is in progress. 

An interesting possibility is that there was a failure and we have an orthodox low to conclude an irregular flat since the Jan high  (Chart 2 and 3, blue C(2). 

Saturday, March 4, 2023

Saturday, February 25, 2023

MTU Weekend Ed - Retest (2/24/23 Close)

The Dow and the SPX are retesting their 2022 downward trend lines following their 2023-Q1 breakout. 

One may be able to track the current down-swing maybe a wave TWO/B retrace of the up-swing from October lows when reconciling structures in the Dow and the SPX.  (Chart 1 and Chart 2).

Chart 3 presents key tracking options.

Saturday, February 18, 2023

MTU Weekend Ed - Sticky (2/17/23 close)

The resistance zone, so far, is not able to repel price with similar strength as before.

Saturday, February 11, 2023

MTU Weekend Update - Respect the Zone (2/10/23)

SPX closed below the resistance zone following its forth attempt to overcome it (Chart 1)

It is much easier to count the upswing from the December low as a THREE, with potential to develop into a triple zigzag (not required) on a fifth attempt at the resistance zone (Chart 2),  than a FIVE (Chart 3) to continue the charge higher following a consolidating pullback (not improbable).