The SPX is proving very weak. It is in danger of pushing lower negating my expectations for a 200 day MA target. If this is so, then it would fool a lot of people who were looking for the 200 day MA as a selling point. The question is, how much are longs willing to risk for that target if it does not get hit. I think the best recourse here is to reduce exposure even if you have a "GUT FEELING" that price will still meet its intended target. I for one am not smarter than the market. Since the intra-charts are in bearish territory, I will have to be cautious of any upside, and by all means we are still capable of moving higher since we are still in OB range.
Remember that we are not about the absolute lows or absolute tops.. The signal for the ST that turned up in mid-Feb. was not an absolute low, but it still pulled out decent gains if you were to trade to the long side or just covered your short and waited the rally out.
SEN: Bearish
ST: UP
PA: UP
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