The Up Turn confirmed today on SPX/UTIL chart. This is the first upturn of my favorite 38 day average since the down turn on December 13, 2021 with the S&P at 4669. Today’s up signal at 3902 on SPX. A good follow through from the July 5th upthrust.
Tomorrow morning after the employment report we will review and discuss the meaning of all the items since January 22nd 2022 when the first of a series of support levels were touched. The final bottoming period of May11, 2022 through June 16, 2022 will be looked at first, in terms of how we handled it, but more importantly what we see in terms of approach going forward.