Since april, we have traded in an upward channel, showing buy signals at every bottom. It has also shown strong pullbacks when we see 1 or 2 closes above the channel.
If we reach the 20sma, the trend would still not be broken, and could prove to be a "buy the dip" scenario... A strong close below the 20sma, will most likely take us to the 50sma.
P.S:
- back-testing shows when the $VIX is higher and the $SPX keeps trending higher, a pullback is to be expected. (bearish)
- the Mclellan Oscilator is trending lower for the past couple of weeks. (bearish)
Good luck, be safe.
If we reach the 20sma, the trend would still not be broken, and could prove to be a "buy the dip" scenario... A strong close below the 20sma, will most likely take us to the 50sma.
P.S:
- back-testing shows when the $VIX is higher and the $SPX keeps trending higher, a pullback is to be expected. (bearish)
- the Mclellan Oscilator is trending lower for the past couple of weeks. (bearish)
Good luck, be safe.