At late-February bottom the S&P 500's momentum (bottom panel) "confirmed" that, the index's advance off mid-November 2012 bottom had yet deteriorated. This was a positive. However, no such positive technical confirmation exists now. Here we are at a higher $SPX low than late-February and yet momentum in fact has deteriorated. That's a strike against a late-February repeat of the market's move higher off mid-November 2012 bottom..
Still, $SPX momentum remains positive, while its relative strength (top panel) brings positive confirmation of the S&P 500's advance, at least at successive bottoms since mid-November 2012. Yes, RSI's peak of April has negatively diverged from March, this as $SPX moved higher. Yet so too was this true at February's $SPX peak. So, at least a period bringing the market stability and lasting some days could be seen in order on this account.
$VIX and $CPC, too, both bear technical similarity now versus late-February. Both are in a like, unfavorable state, and this no less with $BPNYA in the red zone (RSI < 30) where the market consistently has proven vulnerable to coming under pressure. This is a negative development to be sure.
So, the path appears paved for an upcoming bout of uncertainty hate. Still, a sideways trend in a pause before this might first make way.
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