Down it was. That was a very abbreviated bounce. Here is the daily SPX chart.
SPX closed below the last swing low. Price appears to have been rejected at the 50 SMA. It looks like a test of the June low is likely. There was a pretty good pick up in volume. The TRIN closed pretty high which will often cause a bounce the next morning. I would expect the recent swing low of 1639 to be resistance now if we do get a bounce. SPX would need to get back above the 50 SMA and demonstrate that it can stay there to get bullish again. There is still a chance we are making low and the market just needed one more push down. We are in the vicinity of the 100 SMA again. I don't see anything at the moment to make me think that is the case. We will just have to see if the bulls mount a serious charge or not. It seems more likely to me that we are headed for the 200 SMA.
Bob
Trend table status
Trend | SP-500 | R2000 | COMPX |
Primary | Up 7/31/20 | Up 1/29/21 | Up 5/29/20 |
Intermediate | Up 10/2/20 | Up 8/21/20 | ? 3/26/21 |
Sub-Intermediate | Up 3/29/21 | ?- 4/5/21 | ? 4/1/21 |
Short term | Up 4/1/21 | Up 4/5/21 | Up 4/1/21 |
Don Worden of Worden Brothers (makers of Telechart software) used to keep a trend table before his health issues got in the way. I always found it useful. Mine is slightly different. Hopefully helpful. Up? or Dn? means loss of momentum. ? by itself means trend is neutral. ?+ or ?- means trend is neutral with bias of up(+) or down (-)

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