The Big Bear Tease has been the game for weeks now, and it continues. Friday the market appeared to roll and once again the market pops. Until I see clear evidence to the contrary, I'll look for this pattern to continue into June.
Why? Too many want to short the market. Last week, CNBC was practically advertising a top.
So while I anticipate a 10-week low before May 13, right now I expect a low that is one level higher and one day sooner than most would want. Then another attempt to reach the 200-day ma on $SPX. The 50-day ma should contain the retreat, and price may or may not touch it this time.
Good luck and
smart trading!
Ted
Strip price to the barest data that tells us BUY, HOLD, or SELL.
