It worked well for 2 days and then failed miserably.
Today we had even more fun with the simultaneous test of the 200 SMA on the $IWM and the $SPX. Click to enlarge:
SPX support held perfectly:
It’s all too neat and clean for us to think that this is THE bottom but it should be good for some short-term fun. If the bottom is indeed real then expect a plethora of long set-ups to emerge in the next few days.