Phantasmix Stock Market Blog

I’m not sure overbought levels mean anything anymore! I honestly didn’t think SPX would go higher than 1,120-26 (50% retracement), at least not without a reaction/correction. MACD/price divergence continues.

Is the general public in or out of the market? Based on the people I know, they’re IN, but it’s a fairly small sample. And they’re Canadian! May not count. Please vote in the comments – is the general public in or out of the market?

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Click charts to enlarge

$QQQQ Monthly, 20ema

Just one Cubes chart, for comparison purposes only. The price is above 20ema on the monthly.

$SPY Monthly, 20ema

Hasn’t quite made it up there yet.

$SPY Monthly, 1993 to present, 20ema

To proclaim a new bull market with confidence, it’s pretty obvious the price has to make it over the 20ema on the monthly chart.

$SPY Monthly, 13/34ema

13/34ema cross would also be a confirmation of the turnaround.

$SPY Weekly, 13/34ema

13/34ema cross has already happened on the weekly, and both moving averages are pointing up.

I have no position in SPY at this time.

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