Further to my post of June 29, the jaw of the William’s Alligator has shut and two of the three moving averages (each offset into the future) have re-crossed and turned up, as shown on the following SPX daily chart.
As well, the Awesome Oscillator has flipped above the zero level.
Both of these are hinting that further buying may be in store…I’d need to see the third moving average turn up to confirm potential strength.
However, the Balance of Power is still with the sellers, albeit somewhat tepid, so, unless we see this flip to the buyers on this timeframe, we may be in for a bit more weakness before we see sustained buying resume.
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