We can first see below that both the SPY and the 20DMF have been bouncing higher in past days, but the 20DMF is still in negative territory, indicating a negative Money Flow.
The Cumulative Ticks itself has crossed above its average line, but not convincingly so.
The number of days until a short signal is issued has turned slightly positive, indicating that this sector based indicator is in a buy mode here... but barely so.
Finally, we can see that as the market tries to clear the $3900 resistance level, it will be really hard to sail to the $4200 level. I would say that maybe the 50MA is the upper limit here, considering that the NHNL (New high new low) indicator is making lower highs at each market bounce and lower lows at each selloff. This is the sign of a weak market.
Conclusions:
I would short a bounce to the 50MA, except if the NHNL indicator breaks the high of last June.
Below are a few trade ideas. Many more on the short side as the bounce started to weaken.
