Credit: Shutterstock photoThe market remains in the ambiguous zone. I remain marginally in favor of the bears, but am limiting myself to low risk trades, given the ambiguity.
Let's take a look at the Philadelphia Bank Index (INDEXDJX:BKX) first, as the pattern here seems a bit cleaner than the S&P 500 (INDEXSP:.INX).
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On the daily chart, we can see BKX may be due a larger correction.
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SPX is unchanged. I've outlined one potential path in blue, but there's really nothing to give me much confidence in that path. I've broken down the options in a bit more detail on the chart which follows this one.
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This chart outlines the two basic counts, with one variation in green (the variation is what's depicted on the SPX chart above).
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In conclusion, the market remains ambiguous, but I'm continuing to give bears the slight edge heading forward. Trade safe.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
