Today all the markets bounced back to some degree. The IWMs moved above their previous trend line, the QQQQs are right a their trend line and the DIAs and SPYs are still below all their trend lines. All the averages are also using their respective 10 and 20 day SMAs as support and resistance. Pay particular attention to the DIA chart -- it is the closest to "rolling over" with the SPYs a close second.
All of the charts still have a bullish SMA orientation -- the shorter SMAs are above the longer SMAs and and most of the SMAs are moving higher.
Below all of the charts I've included a second set of charts that shows the MACD. Note that all four charts have an MACD that is overbought and about to give a sell signal.
I still think we're moving into a correction period for the next few weeks. There are simply too many wild cards out there still.
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