All I can do is advise what the charts say at any given time. What this one says is that my original downside target is in jeopardy as long as SPX is above the top (though still hypothetical) channel line on this weekly chart.
It does not mean that this top-test will not fail, but we have to call ’em as we see ’em and this morning we see ’em breaking upward. SPX’s ugly pattern remains in effect, however.
I am going to continue to respect the potential of a 2019 correction to test the Trump rally support around 2150. But I am going to continue to act (or refrain from acting) in line with what the market is actually doing.
Not to be taken lightly is the fact that the bulls crossed the moving averages back up. Those two averages indicated bear markets in 2001 and 2008 but were bullish whipsaws in 2011 and as shown below, in 2016.
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