A Well Constructed Tradable Bottom
A well constructed tradable bottom over the 200-SMA will be needed before a price can run back to the 50-SMA. Yesterday the SPY closed below the 200-SMA, and this morning the futures are up, and the banks report. After a drop that we have seen the last couple of days a bounce was likely to happen, the question is will the bounce soon lead to a meaningful reversal that puts us back to and over the 50-SMA and challenge the highs? First things first, I for one will wait to see if the SPY can close over and construct a tradable bottom above the 200-SMA. A well constructed and financed bottom above the 200-SMA could produce the juice needed for a run back to the 50-SMA.
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