The market (cash s&p500) carved out an uptrending day on Tuesday and I was stopped out of half my blog-related Investopedia SH position at 59.25. These blog related trades can be seen by anyone with a free investopedia.com account. Note that the upward moving price pulse from Monday’s low continues.I still don’t have a technical “buy” signal to hang my hat on, and the index is running up into resistance provided by the medium moving average I follow.Perhaps a retest of Monday’s low is required before we can move higher in earnest. On the other hand, we are in the time period where I was expecting a short-term (or greater) turning point. If a low is in we should not make any new lows on this move down after today. For instance, if we were to make a fresh low on Thursday the odds would rise quite a bit that the correction has more to run.
To really get bullish I would just love to see the market sell off sharply today with a close below 1500.63 and a low above 1490.4. For now I will just keep the stop on my remaining SH position at 58.61.
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