But do expect to get a weekend update every Saturday evening or Sunday morning in which I'm gonna cover the intermediate and long term outlook for the SPX and the other markets. ; )
SPX: The picture for the SPX remains unclear. One day we sell off just to rally the other day all the way back up again. So far, it's possible that the bear market rally topped and the game is over but as long as the market doesn't fall below 1070 and 1050 I wouldn't get to excited about going short. It's still very possible that we saw some sort of a flat for wave (b) of an Expanding Ending Diagonal.
So, above 1101 we'll be looking for 1110, 1120 or even a bit higher for the (c) wave. Whereas a drop below 1050ish should confirm a downtrend.
The chart I posted on Wednesday is still spot on and we are now about there where the blue and the orange line seperate.
Have a nice week.
Cheers,
Hugo
