Short term update

I was expecting some kind of a bounce this week, but the bulls are much weaker then I thought. I have shown this new trend channel last week. The sell off continued another three days and we are now at the lower boundary of the channel. If we should see a rally the bulls must show.... NOW:)
Next support is the March low and MA200. If you go through the blogs in Internet everybody is focused on this levels. I do not like this. It never plays out the way which everybody is expecting. That means the bullish scenario will play out from this levels now, or we will see a bearish scenario lasting longer and heading much lower.

In a bull market (and we are at least in a cyclical bull market) the percentage of stocks above the MA50 for SP500 after a correction usually bottoms around 25%. Interesting chart telling the same story - we are near to a bottom.