I will be traveling over the weekend and won’t be around at all on Friday, so…
All I can say is look back at over the last few weeks at the MA’s of your choice on the weekly charts of the $SPX and compare the degree of movement to this week’s closing chart. Are the MA’s falling at the same speed, are they slowing? The RSI on the weekly chart has pushed up from 36 to 41 and, unless the market falls off a cliff either today or Friday, could rise above the falling trend line on the RSI. IMHO, that would be a positive going forward.
Here’s an article by Joe Fahmy that pretty much sums up how I feel about the current market environment and especially shorting, which I believe should be left to the pro’s whose big computers and massive leverage capabilities allow them to turn a terrible trade into a winner.
Have a good weekend, C.M.