On Thursday, February 25, 2016, S&P 500 was finally able to close above the 50-day moving average for the first time this year. SPY gained 1.61% for the week.
         On Friday, SPY attempted to push higher, but ran into a resistance and closed near the lows for the session. For now the resistance in the $197 area was reaffirmed. Further up in the $203 area is a large unfilled gap-down. Together with the declining 200-day moving average that area should now act as strong resistance. This is all provided if SPY even gets to that area.
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There was lots of excitement this week as S&P 500 gained 2.84%. Is this a beginning of a new bull market, or a mere pause before another leg down? Let’s try to look at the market objectively and attempt to ascertain what is going on.  
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S&P 500 hit a two-year low on Thursday and then bounced strongly on Friday. Could this be the beginning of the long-awaited oversold bounce? Many signs are pointing towards it. For me, should this bounce materialize, it would be an opportunity to get short, as I am certainly not looking to bottom pick. Many traders attempt to pick bottoms in down trending stocks only to find their trading accounts shrink. Read the rest of this post here

​The bulls better make a stand soon! $SPX is rapidly approaching the August 2015 lows in the 1860s range. A close below that area would most likely cause a further drop of about 10% or so. For now bulls have been largely unable to produce any meaningful rebound and the support break from the beginning of the year is still holding. Read the rest of this posthere