A Few Comments on $SPX

We did not get a plunge to equal legs out of a triangle (noted here), which is good, as a structure like that could have developed into a further rally. It’s possible that it still does rally, but we may continue to count the structure as a nest of ones and twos, like this:

SPX

There is good wave balance between the components of blue and orange 2, so things are acceptable there. We are at the lower trend line of the channel in which we have rallied, and so gapping down would be ideal right from here.

And structures such as this on the Russell futures are what we would like to see if the market is going to become bearish:

RTY

So, let’s see if we get some selling from here.


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.


One thought on “A Few Comments on $SPX”

Leave a Reply

Your email address will not be published.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