SPX Monthly - "Buy on the rumour ... ?"
The earliest a 'b' wave could be put in place in a larger (Macro) 'a-b-c' correction would be next month (April fools day?). 'V' bottoms are the exception not the rule.
Long term momentum measures will not show any short term counter-trend reaction until the 'b' is put in place, i.e. they will still be on a downward trajectory, albeit shorter in measure IF the market continues to rally.
Bottom line: There is no evidence at this point that a longer-term bottom is even remotely in.
Long term momentum measures will not show any short term counter-trend reaction until the 'b' is put in place, i.e. they will still be on a downward trajectory, albeit shorter in measure IF the market continues to rally.
Bottom line: There is no evidence at this point that a longer-term bottom is even remotely in.
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