If you want to initiate swing longs with the belief that the bull trend is intact then do yourself a favor and don't do it until these levels are taken out on GS IYR XLE. We had been watching these levels for days (on Twitter and in our newsletter) and all three held where they should meaning that resistance is to be respected:
GS reversed at the 160 level we've been talking about for several days. If you're a bull you want that level and then the 200 SMA taken out with force.
IYR reversed at the 50 SMA and is leading the market down -- be patient and wait for that to be remounted.
Whether one likes it or not oil stocks are a big part of the current market -- wait for XLE to re-gain the 50 SMA.
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