Not slicing through the 10-day moving average is a bit warning sign that we may see some more upside movement out of this market – much like we saw back in July.
While I was bearish on this market for most of this week, I’m quickly losing patience waiting for the bears to drive this market lower like I know that it should if there was a respectable amount of fear accumulating in this market.
The fact that the bears are struggling with the 10-day moving average as much as they are is a huge red flag that a bounce could be forth coming.
Here’s the SPY technical analysis:
