SPX bullish - oversold and bounced off trendline support.
SPX at trendline support. The most likely scenario for a short term bounce on this trend.SPX today intra day held this level and reversed course as it touched this trendline.
If you short( bearish ) time to lock in some profits and for those not short or cash waiting for the opportunity to buy its time to go long or be bullish .
We are also oversold here. Also generally markets do rally going into the long weekend.
Starting a small long position here, would be the trade as this trendline bounce play out. Short term trade idea.
We are a little long here as history repeats itself.
This is not a bottom: more like a relief rally in a bear market.
Note: This is not investment advice.
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