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SPX, INDU, RUT, NYA: Market Wants a Debate


The bears are demanding equal airtime...


SPX below. The beginning of the structure looks remarkably similar to GE, but they diverged recently, as SPX has materially exceeded the lower support line -- and has done so on a confirming MACD reading. This is the signature of a third wave decline (c-waves are third waves), the question for SPX is the same as INDU -- whether this is ALL OF (c) or whether there is a correction to come, followed by new lows.

Click to enlarge

The simple SPX chart below still outlines the key intermediate pivots.

Click to enlarge
No positions in stocks mentioned.
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