3/22 Ultra-Short-Term Indicators: As you may have read, our ultra-short-term indicators, the CVI and Participation Index will be discontinued in April. Do not fret, I'm in the process of finding some more ultra-short-term type indicators to complement the VIX in this chart. At this point, there aren't any climactic readings to evaluate, but note the penetration of the lower Bollinger Band yesterday and today. This usually results in a rally 'pop' over the next day or two
Conclusion: The short and intermediate terms are very bearish right now. Indicators are trending lower along with price. New declining trend channels have appeared along with new ST Trend Model Neutral signals. Near-term support is close by at $232.50 for the SPY, but if that fails, we are looking at a corrective move toward $226. I don't like it. No sir, I don't like it at all.
