Quick $SPY Update

This morning I visited a bearish alternative that I will begin to update on the S&P 500 counts page. I will watch it until I gain clarity and until I develop a strong favoritism for one over the other. That said, I do still have a preference for the bullish scenario, and I will post a brief update here regarding that.

The bullish pennant I pointed out yesterday remains in effect, and we may simply be retesting the upper trend line of that. It is also possible that the blue “2” is something complicated like a flat, in which case we may be finishing that soon.


So, we will have to see what happens. I favor the bullish view, but am aware of the bearish view. I think the still near universal belief that this is a bear market rally should mean one of two things: 1) it’s not, or 2) if it is, it’s going to be a whole lot bigger and more time-consuming than people expect.

Note: When articles are first posted, most of them are made available only to my Patreon supporters (I do try to publish some public posts on occasion). Over time (usually after a period of a few weeks or so), I make all of the work public. To gain access to my work when it is produced, please consider becoming a patron. More information may be found on my About page and on my Patreon page. In a nutshell, patrons of any denomination (you get to pick the amount) will be able to read my weekend analyses, Tier 1 members ($20/mo.) get access to all of the articles I write, and Tier 2 members ($35/mo.) get access to those, plus counts on other instruments and my Discord chatroom.

Leave a Reply

Your email address will not be published. Required fields are marked *