Right on cue — trend-line/50SMA was defended on $SPY as we’re bouncing from it now :
First daytrader target of 20EMA already met:
When we will get worried? When market stops doing exactly what it should. The bounce on previous support at 129.6 again was perfect (and we had telegraphed it for our readers beforehand) and now the trend-line test again is perfect. Bear markets don’t bounce where you think they will bounce, they go right through. Until that changes we’re in the bull camp.