Monday Update (5/11/20)

MTU Weekend Ed - Short Term Update (5/9/20)

Hopefully, a picture is worth a few words.

Thursday Update (5/7/20)

NDX is now wedging (Chart1) which is worth monitoring.

Whether the wedge is a stealth fourth wave, like the potential gray (4) for SPX in Chart 2), time will tell.

Wednesday Update (5/6/20)

a slow day, no material changes

Tuesday Update (5/5/20)

SPX is still struggling/probing the resistance zone and closed just below it today.

Monday Update (5/4/20)

SPX is probing its MA50 for potential near term support.
Today's decline is just large enough to invalidate the purple EDT (highlighted in the weekend post).

Gold long term tracking

WTI Crude long term tracking

MTU Month-End Ed. - Fib618 Retrace (5/1/20)

SPX  reacted after having retraced 0.618 of its prior sell-off, which is at the top of its 2018-2019 support-resistance zone.  SPX closed the week below the resistance zone but above its SMA50 (Chart 1).

Price structure can accommodate a rebound to new recovery high in the near term (Chart 2)
Purple - thanks to Krasi - (A)(B)(C) rebound with an EDT wave (C)-up, as long as SPX stays above  2802.74.   This count would work for NDX as well (Chart 3)
Blue - (W)(X)(Y) rebound, waiting for C-up o (Y)-up to materialize