After a brief foray into the uptrending world the cash S&P500 resumed its downtrending ways on Thursday. An important point not to miss in yesterday’s action was the failure of the daily RSI to hold the 40 level. This is a signal that the trend remains bearish on this time frame and indeed it is clear that the X-pulse continues downward from the February 27 high of 1388.34.On the other hand (there are always two!) price is now below the important 1325.19 level and so I need to see how the weekly chart looks at the end of today. It is possible that my report this weekend will be examining what price action is necessary for a technical “buy” signal to be triggered on the weekly time frame.
But for today there is nothing to do but hold tight.
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