Key Takeaway
During this week's update, you will see that the bulls are making a move off of the bottom as illustrated by the S&P 500, but it is still very dependent on the direction of the 10-Year Treasury Yield and the Dollar - both of which are relentlessly climbing. We are watching several areas of resistance that are fast approaching. Again, we use the S&P 500 as an overall proxy; however, monitor each and every trade relative to their own trends. RSI remains below 50, meaning any bounce is not to be considered trustworthy, and MACD is negative...but has recently had a productive bullish crossover. So this move so far is playable, but we are hesitant in that it appears to be nothing more than a bear market bounce. Time will tell.
