SPX has climbed above SMA 120 and EMAs are almost ready to give a bullish cross. This pretty much cancels the signal generated two days ago. If market goes up or stays flat tomorrow the EMAs are going to give a bullish crossing. Once again is not easy to make money on the downside. Very frustrating!
To make things even worst daily DMI has also turned positive.
To cheer out the bears a little bit I need to say that Dow, the other index for which the EMas crossing + SMa 120 works is a little bit more bearish than S&P500. Dow is still bellow SMA 120 with no bullish EMas crossing yet.
Russell 2000 remains the only bearish index.
It is possible that market is going to do a lateral consolidation for a while (bouncing between 1,377 and 1,340) like it did in few ocassions when the sell signal was cancelled the next day.