S&P

Obviously a double divergence on the MACD as of yesterday, but unless we get momentum and volume that confirms the downside pressure, this pullback must once again be looked at for a buyable dip. NO!!!!, I AM NOT SAYING IT’S A BUY HERE! I am saying that unless we see something different than the recent pull-ins we have seen, then we should not fight the trend. No, I haven’t changed my big picture view which is that we are in a BEAR market, but looking for the end of wave 2 and the start of wave 3 has been a futile effort for the bears so far. If we are indeed about to start wave 3, there will be plenty of opportunities to get on board once it starts. The obsession of getting in at the beginning can cause much more harm than good to your port.
Anyway, I’ll be watching an early push up for a retest down to Thursday’s lows at a minimum, with the next support line at 1074 basis the S&P Futures. if we gap down, then I'll be looking for a long side fade as well.

Have a great weekend