AI
Monday, December 05, 2022 9:46:23 AM
"This is a tricky market right now........"
http://www.pretzelcharts.com/
"The market has done nothing since last update, remaining range bound, so there's not much to add in that regard -- however, I did want to pull two charts forward and update them, starting with NYA:"
"Note that blue (C) can end short or long of the "textbook" target, so if we see any impulsive declines, we'll go on alert immediately.
Next is BKX, which has remained stalled since its last update:"
"Finally, SPX is still in the blue 2 inflection zone:"
"This is a tricky market right now, because I don't see a cohesive theme across these markets, since if BKX were to sustain a breakout, then that would look fairly bullish, which might line up with Red 2 in SPX, but would then put NYA in kind of a weird position (since it would probably need to overshoot its textbook target notably in order to keep up with SPX and BKX). The only semi-cohesive theme might be if we're at, or close to, the top and the rally ends fairly directly (then all three of these markets might already be on the same page). Doesn't mean that's what will happen, and again, I'm awaiting an impulsive decline... but it's one of the factors making the near-term challenging to read.
Beyond that, nothing to add to Friday's update. Trade safe."
http://www.pretzelcharts.com/
"The market has done nothing since last update, remaining range bound, so there's not much to add in that regard -- however, I did want to pull two charts forward and update them, starting with NYA:"
"Note that blue (C) can end short or long of the "textbook" target, so if we see any impulsive declines, we'll go on alert immediately.
Next is BKX, which has remained stalled since its last update:"
"Finally, SPX is still in the blue 2 inflection zone:"
"This is a tricky market right now, because I don't see a cohesive theme across these markets, since if BKX were to sustain a breakout, then that would look fairly bullish, which might line up with Red 2 in SPX, but would then put NYA in kind of a weird position (since it would probably need to overshoot its textbook target notably in order to keep up with SPX and BKX). The only semi-cohesive theme might be if we're at, or close to, the top and the rally ends fairly directly (then all three of these markets might already be on the same page). Doesn't mean that's what will happen, and again, I'm awaiting an impulsive decline... but it's one of the factors making the near-term challenging to read.
Beyond that, nothing to add to Friday's update. Trade safe."
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