Replies to post #57378 on SPDR S&P 500 (SPY)

[learningboutinv]

Sure looks that way, especially with oil down, yen down and $USD up. (If the commodities continue to sell off this would definitely support the bull case.)

But, I still think we need to retrace a little bit on the ST/consolidate around that upper downtrend line for a week or two. Also there has been some retracement around the 1.2 level on the $NDXA50R:$NDXA200R ratio charts in the past. (Nasdaq % of stocks above the 50dma to Nasdaq % of stocks above the 200dma) After consolidation it blasted off to the 2 or 3 level.