S&P500 - Don't Give Me That Bull! No LT Bull Signs Yet

Yes it was a great few days, and the easy money is saying to themselves yes, here is the turnaround, I need to get back in. Rushing to get back in without real confirmation is what makes you lose money.

To be fair an inexperienced trader, might look at this weekly chart and say to themselves, "3 weeks of positive uptrend means the bull are back".

But if you look at the underlying supply and demand we see there is no indication of a turnaround yet. We are in an incredibly volatile market suitable only for day traders.

RSI, OBC and CMF all confirm the downtrend will remain as the underlying supply is still outstripping demand.

Yes, the market is looking oversold but that is no guarantee of a turnaround.

There is a long way to go before entering the Ichimoku cloud and the start of a new uptrend.

If you want to be able to perform your own technical analysis to this level of detail and understand the power of divergent indicators, see the link in my signature for stock market trader training.

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Good luck