Yesterday marked an indecision day, as the rebound fell short of expectations. At this stage, a retest of the key moving averages—the 100-day and 200-day—appears increasingly likely. Such a move would imply a pullback toward the 5800 level, which would trigger the stop-loss on our current long position. Therefore, we adapt take profit and stop loss of the trade slightly.
Bearish components within the S&P500 Indicator continue to rise, and absent a fresh injection of liquidity into the markets, the indicator is expected to turn RED by the end of today’s session.