Today was another good day on the market and even I’m beginning to think that things might be turning. I’m cautious, but aware that daily prices are moving back up. The S&P 500 stayed above the green CBL and today closed above the 50 day ma. That means the two things required to fire an official buy signal are complete. Tomorrow all we need is price to stay above $1987 by 11:30am and you have yourself an early entry signal if you want to take it. You can see the monthly buy level just to the middle right in the picture, so you can see if this was the end of the month, it is close. Be advised, the weekly and monthly charts are still sells.
The International also closed above the green CBL and 50 day ma, so the two things required for a buy signal are complete. Price needs to stay above $60.21 by 11:30am in order to be official tomorrow. Weekly and monthly are still sells.
The Small Cap is closing in on joining the party here, but has yet to close above the green CBL. I just wanted to point this out for you to see. So maybe things are actually turning back up. Weekly and monthly are still sells.
Why I’m cautious. Structure. You need higher pivot highs and higher pivot lows in order to draw uptrend lines and today, we have no structure. These daily signals are early and risky. Just be aware if you take these signals, things could turn sour quickly. Either way, let’s take not that September 29th might just be the low and we bounce up from there.
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