SPX is at its down trend line resistance and its previous resistance zone again, while the Dow once again closed its August high for a second week.
There is no change in the interpretation of the larger structure - see last week's post.
SPX is potentially at the end of wave 1 or wave A up this year's low (or the very bearish wave C of an irregular flat which fails to exceed the August high), particularly if the resistance holds (blue).
If we see an immediate strong rally (from retirement program inflows, holiday seasonals, improving sentiment on interest rate outlook, etc) which allows SPX to break above the resistance, we may be looking at a 3rd wave up (green).
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