did we just flip bullish in the s&p500?
we have retraced .618 from the initial drop in a counter bear trend pullback that has made lots of new longs, but a lot of signals remain sell. if we hold the .5 or continue immediately im long, and if we resist from the .618 and move lower im short. we could resist or support from lower horizontals, and im long/short on bounces from/resisting or breaks/trend confirmations of those levels. the highest im looking is just below the highs of this bounce (keeping in mind its counter to the longer term trend), and the lowest im looking is just above the lows of this pullback in the potential reversal. im not switching to heavy bear unless we start making new daily lows in this pullback, (around the $60 level here) then aiming for new 52 week lows, and im not calling this a reversal until we breakout and confirm a daily uptrend (in the $70 region). ive drawn how the hourly pattern could start its way here or there. my bias is short, but my strategy overall is more neutral at this juncture.
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