Ready to go
On Friday the market looked like it put in the bottom from a technical perspective. The SPX bounced perfectly off the 61.8% retracement level, while the DJIA moved a little below its 61.8% retracement before rebounding. More importantly, the RumWave chart is perfectly set up for a very nice bullish move. I think it started Friday and will continue for the next 10-20 business days. I'm not sure what the catalyst will be, or more accurately, what the press will attribute the move to. I'm sure they'll find something to build a headline. At this point I am fully invested in my intended bullish positions.
The chart above is the SPX. I usually follow the DJIA, but the SPX is the "trader index" so it is worth noting that it is bouncing off the perfect retracement level, the MACD is very low and potentially forming a bottom, and the TTM Squeeze indicator is showing a little sign of a change in trend (red bars turning yellow).