Quick Update in Waiting Mode

Yet another downtrending bar has formed on the cash S&P500 index as we fell to within a whisker (0.39) of the October 24 low. The downward moving price pulse that began at the 10/31 high continues.

We are still waiting to resolve one key question: Can we hold the October 24 low? The market again managed to stay above that 10/24 low of 1489.56 but seems to be hanging by a thread on the long term (green) moving average.

Bottom Line: I’m still waiting to see if we can make a bottom. I also want to see whether 1489 can hold and; more importantly, 1479. I remain on the sidelines.