S&P 500 closed the week at 940.38, which is right at the 40-week EMA. Since the 15-week EMA is still beneath the 40-week EMA, investors are still in a defensive position. However, saying that, notice how the 15-week EMA is rising; and the 40-week EMA has flattened out. Also, notice the potential "Head and Shoulder Bottom Formation," which does have bullish implications. In addition, the RSI has once again moved back above 50.
I am still in the bearish school, because the 15-week EMA < 40-week EMA. However, when and if the 15-week EMA > 40-week EMA, I will immediately become "BULLISH."
Note: To enlarge the chart, double-click inside of it.
Over the next week, I will be providing a number of "bullish" index ETFs for you to start tracking.
Note: To enlarge the chart, double-click inside of it.
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