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SPX Update: Trend Still Your Friend?


Unless bears can sustain trade beneath 1430, higher prices still appear likely.

MINYANVILLE ORIGINAL No material change since yesterday. Yesterday's outlook expected higher prices, which is what happened, and I am still in favor of the view that this consolidation will resolve with new swing highs. How much higher is a bit up in the air at the moment, so we'll have to play it by ear for now and simply try to keep pointed in the right direction.

As mentioned in prior updates, a break of the S&P 500 (INDEXSP:.INX) level of 1430 is required to shift prospects to bearish.

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Yesterday's short-term count performed properly, and as mentioned, 1430 remains the key level for bears to get anything started. Note I have updated the pending bearish sell trigger -- applicable only if bears can claim the falling red trendline. A 17 point bullish buy trigger has also been added.

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