It looks like the market developed an undercut and rally with the SPDR S&P 500 ETF Trust (SPY) midweek, and that would also be defined as a “bear trap” since we closed on the lows Friday then reversed on Monday.
Some indications that there could be more upside with the market comes from the Volatility Index (VIX) – the “fear” index – being in an area that it typically reverses. Plus, negative Moxie Indicator™ divergence on the hourly chart supports the idea.
Let’s take a look at what to watch:
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