Updating the charts we have used to gauge October’s little bearish ripple and projected bounce back.
Dow is back to the resistance lines.
SPX is back to the first level of resistance and near the channel’s top line.
NDX is above the first level of resistance with the channel’s top line a little higher.
Bottom Line
None of the indexes have negated their short-term downtrend channels or key lateral resistance. If they do break above resistance then it will be a familiar tale of this bull market… woulda, shoulda coulda.
If resistance holds, we stay on the watch for the early August lows as a key level for determining whether or not October will have been just a healthy correction or something more.
