SPX has remained above major resistance for a second week, but the upswing since Oct 2022 has also remained in channel (Chart 1), so far. Three waves up since Oct 2022. Three waves up since the March low - perhaps can be counted as a single five since the March low (Chart 2 blue)
SMAC Update 12 June 2023
ReplyDeleteMy SPX and W5000 SMAC indicators turned up Friday on their 9 June mkt close.
Given the sideways movements the past 6 months in these indexes which can throw out this indicator that needs to be factored in to reliance on them.
More reliance on the EW count here is better I think.
SMAC Update 16 June 2023
ReplyDeleteMy DJIA SMAC indicator turned up Thursday on their 15 June mkt close.
Given the sideways movements the past 6 months in the indexes which can throw out this indicator that needs to be factored in to reliance on them.
As said above more reliance on the EW count here is better I think.