Short term update

Short term signal: DOWN --> it will turn up if SP500 moves back above EMA50 on the hourly chart ~1635.
Intermediate term signal: UP --> bellow 1620 it will start looking bearish
Comment: red day as expected. The price is in no man's land between MA20 and MA50 on the daily chart. Taking in account the oversold oscillators which we saw and the current move lower which is corrective, the preferred scenario relief rally stays valid but in the next day or two the bulls should move the prices higher.

Expected behavior(see the daily chart from weekly review):
- green scenario retest of the high - the market action favors this scenario.Tomorrow we should see short term bottom and a move higher after that.
- red scenario higher high - the alternate scenario has lower probability now, which is expected.

Levels SP500:
- above 1620 stay long
- 1600-1620 on the side line, wait and see what happens
- bellow 1600 short

XETRA DAX - Short term if DAX moves below 8150 expect move to the next support level 8050
Levels Xetra DAX:
- above 8150 stay long
- 8050-8150 on the side line, wait and see what happens
- bellow 8050 short


Both indexes SP500 and DAX touched the levels which should hold 1622 and 8150. The buyers showed up and if the levels hold the next leg up should begin. We will see what happens the rest of the day and after the close I will post the signals and the levels.
The two possible targets if I am right that there is more upside - A-B-C with A=C ~1673 and H&S with C=1,618xA 1698-1703.