I added the following update today in a post pertaining to the MSCI World Index:
To that, I'd note that it's still a bear market for the SPX (currently below its 50 MA) on a weekly timeframe (until it makes a higher swing low and higher swing high), as shown on the following chart.
A drop and hold below the 50 MA on the following weekly chart of the SPX:VIX ratio could signal that we'll see another leg down on the SPX.
For further clues on such a possibility, keep an eye on the following daily chart of the SPX:VIX ratio.
If price drops and holds below its 200 MA, if the RSI drops and holds below 50.00, and if the MACD and PMO form and hold bearish crossovers, we'll see the SPX drop, possibly to a new weekly swing low, especially if a bearish Death Cross reforms and holds on the SPX:VIX ratio weekly timeframe.
