Market Thought
The SPY saw resistance with the 62SMA, and is now consolidating.
I have been cautious with the market, and will be everytime the market gets overbought. The VIX is my guide here, as it historically inverts with the SP before a bottom from this bear market can truly be considered.
Intermediate bottoms are obviously seen within bear markets (as we just witnessed one), and IMO, we will not see another one probably until 29 or so is seen. (The blue downward resistance line.)
Despite my caution, this does not mean the market will see new lows. I do not know if that is the case, (so I buy individual stock I like when my price points are reached) but ususally when the VIX spikes the markets goes down, so I short (to protect and for the trade).
