Good afternoon, traders. I hope you had a fine weekend.
Nothing has changed in my views from last week.
The S&P 500 is consolidating after a big rally that took it back towards the primary channel from which it fell:
As far as I can tell, there remains two ways we can count it, as this sharp leg of the rally that began on the 25th looks impulsive:
So, that’s what I think for now. I think the bulls still have a chance to move us up, and we’ll see if they can pull it off.
I hope everyone has a fine evening, and I look forward to seeing you tomorrow.