Dr. Wish

I forgot to post this chart Tuesday night. I tell my students to buy a little of SPY when T2108 declines below 10% and to hold their noses. It actually got below 4%. It is now 11%. I should have followed by own rule. We need a retest to see if this bottom holds. Bear market bounces can be seductive and treacherous. The 1987 crash low for T2108 was 0.47%.

Here is my post from the day this chart was published on February 23. WOW!!!!

T2108 is at 4%. This is an amazingly oversold market. See monthly chart.

A close below the green line would be a failure of the GLB in January 2024 and very ominous.  Second weekly chart shows SPY has a gap below 4 wk average. Rebound to kiss 4 wk avg is likely. After it does, down-trend may resume.  See second chart.