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Friday, August 11, 2023
MTU Weekend Ed - Lower Channel Line (8/11/23 close)
SPX is approaching the lower channel line off its March low and June/July support.
My SMAC trend indicator for DJIA peaked on Monday 7 August and turned down on 8 August.
ReplyDeleteThe SPX SMAC turned down on 28 July per my prev posts and continues to decline having picked the peak in the mkt in the last 2 weeks.
This is in line with EW counts both I and MTU are tracking.
Correction - the SPX SMAC turned down on 27 July.
DeleteMTU Chart 1 -
ReplyDeleteThe nominal 4 mth advance from March low on rule of thumb would indicate at least a 1 mth corrective seq from late July, prob 2.
UKX and DAX are also in negative seq patterns.
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ReplyDeleteMtu ,you need to approve comments on the new webpage for this blog
ReplyDeleteIt will be interesting to see how SPX reacts at this key level.
ReplyDelete