We are seeing a significant exhaustion signal on the monthly timeframe for SPX. The proprietary “nine-five” indicator (part of Wave59 charting software) has placed an important signal that the move probably is reaching (has reached?) a peak.
This is a follow-up to Tuesday’s post that forecast some potential short signals in several stock indices. In the previous post, we addressed the Nasdaq 100, the Dow Jones Industrial Average, and the New York Stock Exchange composite index. Below, we cover the Russell 2000, and we give an update on the Dow.