I am 100% in cash. Market did better on Tuesday than is apparent from averages. Only 337 new lows, down from 1465 on Monday. There were 40% gainers versus 7% on Monday. With T2108 at 6%, the market is very oversold. Guppy chart of SPY is not yet BWR, but RWB pattern is clearly over. Red arrows show month of May and that Sell in May worked like a charm this year. Thus far, the current decline looks quite small.
With T2108 in single digits and the futures strong, I am tempted to nibble a little at QQQ or SPY. I have said many times that I should buy when T2108 is in single digits and everyone is scared….