Tuesday, June 9, 2020

Tuesday Update (6/9/20)



2 comments:

  1. Reviewing the current picture on NDX & SPX we see abs min requirements for 5 waves up the March low. 3 sections up.

    If we consider that the true EW count low is later in April then there would 5 down and 3 up to where it was Monday.

    NASDAQ has balanced its range and taken more than twice the time of the decline to do it in.

    The LT 30yr chart picture on the tech stks and others in same pic still shows them in blowoff selling territory and the probability of them getting above the zone of the Jan-Feb high by much, based on past runs like this (aka Dot Com), is low.

    We can see min req of 5 of 5 waves on AMZN with range limits reached on the 2018-curr move.

    Too many almost vertical moves mark the end of bull trends. Buyers beware.

    On the long side if I can sustainably get and remain above the Jan peak it could go higher. It will depend on the indexes how many component stks are in a position to resume advancing trends that will be sustained.

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