The blog yesterday mentioned a possible move higher for prices in spite of our bearish stance. Today the SPX is on the verge of tagging the 200 day MA. The futures market has already hit its 200 day MA. So now the question is if we see a reaction to this line and reverse or pierce through above it. There is no doubt that the ST has been right and bullish since the lows made in early Oct.
The evidence in our analysis in which we still remain bullish "ST" is the fact that our intra-day signals have a hard time staying in bearish territory and out of the OS range. When prices are weak, signals tend to overstay their welcome, and in this case it rather stay out. So perhaps we will see this push till Nov.
SEN: Bearish
ST: UP
PA: UP
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