Indices have started to trade in a more sustainable uptrend channel (shown in purple for SPX). At the same time the number of new highs increased nicely for both NYSE and NAZ on Friday. I think if SPX gets through 1230 with a relatively good volume and an increasing number of new highs, we could see a rally to test Primary Down Trend Line (shown in orange) between now and Thanksgiving. I would be scaling into long positions again on pull backs to test the lower line of the new price channel (shown in purple).
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Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation. Furthermore, the opinions expressed may change without notice.
Disclaimer: The views expressed are provided for information purposes only and should not be construed in any way as investment advice or recommendation. Furthermore, the opinions expressed may change without notice.
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