Just playing ‘what if’ considering the now firmly over bullish sentiment backdrop. Here is the 60 min. view of SPX, showing a completely intact situation in the index’s bounce as it hovers around our upside target of 2100 +/-.
The very first step to a bear case would be a break of the EMA 30 (green) and the next a break of EMA 50 (orange). RSI is marked up to show the points of support during every pullback to the rally out of the September low. A break of RSI 50 with price breaking below these moving averages would be a good sign that a correction is starting. So far, there is no such signal.
I am still holding some longs along with shorts on SPX and NDX. But this stance is going to be adjusted depending on what the market does as I do not not ride a manic blow off while holding shorts nor a correction with many if any, longs. For now, status quo.
I now leave you for the day with too many updates to consider. On that note, I think that NFTRH 368 will lay out a case for ceasing the manual email updates (I actually cringe a bit putting too much email out there, and it is more labor for me to boot) and asking those who want updates by email to register here at the site for automatic emails of each post, public and password protected.
