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SPX, INDU: Bulls Face Their First Real Test


1425-1430 SPX is important support.


Finally, one can't help but notice the similarity of the current fractal with the April top earlier this year. If bulls somehow fail to hold key support here, that probably foreshadows a repeat performance.

Click to enlarge

In conclusion, as long as the bulls hold this expected test of support, the market is likely headed to new swing highs. This is where fractal analysis can be a bit tricky to project too far out though, because the current wave down may only mark wave i-down of a larger (c) wave down. This is not my current expectation, but I'll watch the shape of the next rally and note the key levels as it unfolds. Trade safe.

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