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SPX, NDX, INDU: Did Bulls Drop the Ball on Friday?


It's too early to say for certain, but here are the key near-term levels.


The SPX trendline chart -- so far, still no key breaks by bears here.

Click to enlarge

Finally, because the decline appears to be three waves, and the rally appears (so far) to be three waves, there is still the potential for a large triangle to form in this position. I can only speculate given the current wave structure.

Click to enlarge

In conclusion, the market is likely to see some near-term weakness, and the key levels outlined should give us clues as to how deep that weakness will run. In any case, it is currently expected that any such near-term weakness will ultimately resolve with higher prices over the intermediate term. Trade safe.

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