The lower bull rally trend line (THIN BLUE) was broken last week, that's a fact. This is evident on all charts from 1m to 1D. Here's what I'm looking for and this can take hours, days, weeks to occur:
1. As of today, we are following the 100MA which currently sits at ~290 and is flattened with minimal downward trajectory hence the movement today, price is sitting...
With earning slowly being released, $SPY showing weakness. In addition, price over 290 was firmly reject this morning. We will finally see the lower trend line break and the bear rally will be over. I fully expect this to continue over the coming days. See yellow rectangle for pivot point.
I slightly modified my chart from yesterday. I believe the bottom trendline may be slightly lower than I orignally projected. Bear confirmation should occur Monday
