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SPX - 3 days ago I was noticing how similar this pullback was to the one in December
SPX - The follow through is good and the RSI looks promising. The one in December went sideways for a while, but this one is coming right off of the 50sma and would be more likely to run higher instead of sideways if it continues higher.
This next chart looks very good...
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SPX - I still have concerns with the weakness internally of the XLF, so I'm watching the General Markets closely. So far we have a swing low and a move that closed above the 10sma Wednesday. Anyone long should still be using a stop as we wait for an overhead trend-line to be broken.
Read More Here we are midweek and we have lots of changes to discuss in our review, so let's get right to it...
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SPX - I was expecting 1 of 2 things, either a deep drop into an ICL, or a shallow drop that may eventually lead to a blow off parabolic type top later. So far the dip to the 50sma reversed on Monday and Tuesday saw some follow through. That is a swing low in place and it almost closed above the 10sma, so you have an entry and a place to put a stop, even if the selling isn't really complete.
Let's discuss this further...
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