The 1883.97 level seems to be the line in the sand. The $TICK started a downtrend since May 2013, which means there is no new corporate money entering into the market. The $DXY index has mostly a negative correlation with the $SPX, which means that when this index rises stock prices go down, not a good sign considering that this index is forming a wedge pattern about to breakout to the upside.
Conditions are not good for long term investing. Only intraday and short term. If these conditions persist and the 1884 resistance level is not broken then we can expect the 21 ma Envelop to meet the index around the second week of May. So name it a major correction or the possible start of the bear market.
Conditions are not good for long term investing. Only intraday and short term. If these conditions persist and the 1884 resistance level is not broken then we can expect the 21 ma Envelop to meet the index around the second week of May. So name it a major correction or the possible start of the bear market.