Weekly Update: I'll have to keep it brief.
All in all the index is working off some deeply over--sold conditions on the weekly charts. We are still firmly in the grasp of the bear at this point as defined with the 26 week ema pointing down. Note the last couple of times the ST MACD histo went positive, it lasted from 3 weeks to 12 weeks....so we must be on guard for more than just a week of positive or sideways movement here.
All that movement in the past week for a measly -.66%. In week two of the ST MACD histo turning positive as noted last week. Lots of positive divergences showing up across most indicators....looking to fill the air gap in the moving averages. 26 week ema still pointing down. The Bradley pivot turn date is 12/14. We touched on the Bradley in weeks past, but I only bring it up when the turns are listed as "major" turn dates. There is a window of 4-7 days, so we are in the window now. This year only had two such dates, the last one was June 7th.
Thats not to say the markets will turn "up" near the turn date, it could very well turn back down harder....its just another thing we must keep an eye on.