Buy and Sell Signals, and Other Market Perspectives Message Board

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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives

SPY 695.17

+0.2%

Jan 12 4:00 PM EST

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To: GROUND ZERO™ who wrote (124992)	5/19/2019 11:09:26 AM
From: Winfastorlose	Read Replies (2) of 221644

I see this upcoming week's action as important in determining the short term direction of the indices (the next 30 to 60 days). Right now, we have a similar setup to the pullback in March which reversed itself and resulted in the marginal new highs in the S&P we experienced approximately 3 weeks ago. In other words, all of the damage from the 5% correction is entirely reversible. However, deeper probes into the sub 2800 level may not be so reversible and could result in a much longer downtrend. If those were to occur, we would need a swift V bottom formation to take place and those are not so commonplace. Otherwise, the technical damage would be significant. Right now, it only looks like a shakeout to me. Friday's sell-off only tested the 4 day moving average which is back into an upswing at this time and a move back up on Monday or Tuesday would keep that upswing in place. Daily closes above 2890 would set up a huge move to the upside that could easily result in new all time highs on most of the major indices. The RUT.X still has a ways to go for it to see new highs, but that would also be within reach if we saw a recovery on the S&P, The COMP and the DOW. In other words, the jury is still out but a decision should be forthcoming sooner rather than later.

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