The bulls are flirting with disaster here today if it can’t pull itself together.
It has already managed to drop below the rising support level off of the December lows as well as drop below the price lows from January with a strong bounce thereafter, but now we are starting to see this afternoon, the same thing we saw on Friday, where after spending a brief moment or two in positive territory, SPX wants to start the wave of selling that we have become very accustomed to over the past two months.
The bears have been extremely aggressive, and eventually this will burn them when the bulls actually do in fact bounce. It is surprising that it hasn’t happened over the past couple of days considering the bounce we have seen in oil during that same time.
Here’s the bullish list of trade setups:
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