The SPX RSI is key now for a trend change. Keep it simple, a break below 50 is a short, a reverse above, stay long. The macd is above zero which is bullish, however, it is trending down and made a kiss to the signal and moved down some more. SPX is at the 40 day EMA and holding so far. This is basically where we will have a larger than lately move eigther way here. The OBV has broken it's uptrend last week so we should have shorted on that to a degree. RSI is key.
Oil is above the asending right triang and stalled lending itself to yet another possible headfake
XLF has poop'd out
XLE has formed a pendant and is ready to make a big move ( ery erx)
I've relooked at my bull trap scenario over and over but we may have had it on the move from 850 is to 930. A very good move but the opening on a RSI holding 50 could get another trap to 975 - 1050, if the RSI holds 50 only.
Being hedged into all the gap openings we've had is wise. Most of the 40% gains in two months came from the gap opens leaving not much for day traders to pick up. Like 7 to 9 gaps of 2% or so. Almost half of the rally %. Mostly due to PPT screwery. IMO
REMEMBER the Fed is supporting the market. If they have to spend more to fight down tresry yields then they may back off on the market support.
Key on the RSI for now
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