Bear market bounce is still in play
The bear market rally is still in play. There’s nothing wrong with a little profit taking and this bounce coincides nicely with a bounce in the energy and commodities complex. I’m a little concerned with resistance here at the 50 day moving average but so far the indices are holding up and the lack of follow through on the down days coupled with low volume selling bodes well for more upside. As long as the selling is contained I think we can work our way higher. Having said that, the market still sucks, keep those stops tight and protect capital. MACD and MACD Historgram have yet to show signs of a bearish divergence but I feel like that may be coming soon and that will be the tell to get out.
S&P 500
Tags: bear market rally, MACD, S&P 500
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