As the hourly chart of the SPX shows. The market weakness on Monday and Tuesday were relatively minor. The index saw a minor positive RSI divergence and the 50 hour moving average has so far acted as support.
As well, this chart from IndexIndicators show that the net 20-day highs-lows, which has been a good intermediate term (1-2 week) trading indicator, seems to have found support at a high level. If this continues, it would lend support to the "good"overbought bull case.
While I remain optimistic about the technical underpinnings of the bullish scenario, that`s only half the story.
The full post is at our new site here.
I am happy to announce that the new site is now re-open for new subscribers. We closed our site to new subscribers in January in order to better control the rapid growth of our community. After listening to feedback and making a few tweaks to the site and the content, such as the addition of a mid-week technical update, the site is now re-open for business.
You can subscribe for 1 year (US $249.99), 1 month (US$24.99) or 1 day (US$4.99);. Even if you are not ready to subscribe, you can always sign up for email notification of free posts as they are free and available to the public two weeks after publication.
As a reminder, here is a sample of some of past posts:
- Why I am bearish (and what would change my mind) May 2015
- Relax, have a glass of wine August 2015
- Why this is not the start of a bear market September 2015
- The reason why the bulls should be cautious about a January hangover December 2015
- Why this is a correction and not a bear market January 2016
If you give a man a fish, he'll eat for a day.We would love to have you join our community. We stand ready to help you build your own boat. Come over to the new site and take a look.
If you teach a man how to fish...he'll want to get a boat.