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 SPXdaily 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.Near-term support sits around 3070. If that's crossed, look for price to, potentially, re-test 3000, or lower.SPX 500 Daily Chart
Price on the following SPX:VIX ratio chart has broken back above 100 and the 50-day moving average, once again.The RSI has crossed above the 50 level, the MACD has formed a bullish crossover, and the PMO is poised to cross to the upside.We may see serious buyers step in on the SPX if: * price can remain above 3070
Otherwise, we may see some minor selling on the SPX down to the 3000 level, or even a stronger effort to push it much lower toward 2800.SPX / VIX Daily Chart
