The long term trend remains up. As you can see on the weekly SPY chart the market closed higher this week after selling off earlier in the week. This price action is mildly bullish and the sentiment indicator that I follow suggests a potential short term bottom. However, momentum is still bearish. As I stated last week I feel the probabilities suggest that for the next several weeks price will stay range bound between the high made in May and the lower green lines.
CONCLUSION
In my opinion now is not the time to be establishing a new position if you've been out of the market. I would also certainly be vigilant about hedging or reducing positions if you've been in the market from much lower levels. Have a great weekend.
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