Short term update

Short term signal: DOWN
Intermediate term signal: DOWN
Comment: The price is testing the trend line and MA50 on the daily chart again. Given the Oversold oscillators and the corrective move lower... I do not know if I am too bullish but this does not look to me like the start of a new move rather like the end of a move lower.
The fact is there is no signs for are bottom, both time frames are pointing down, so surprises could not be excluded.

Expected behavior(see the daily chart from weekly review):
- green scenario retest of the high - we should see short term bottom soon and strong green day. If this does not happen it will be very suspicious and the road will be a little bit different - marginal new low bellow 1600 before move higher.

Levels SP500:
- 1622 is resistance now
- 1600-1620 wait and see what happens
- bellow 1600 is bearish

Levels Xetra DAX:
- 8050-8150 wait and see what happens
- bellow 8050 is bearish

At least for the short term we should expect some rebound, the price is again too far from MA50 on the hourly chart and at support MA50 and trend line on the daily chart

The bears are using again a lot of energy to push the market lower. VIX is spiking higher. Now its not only the oscillator the Summation index and the weekly stochastic of the summation index a nearing oversold levels. If I look at the indicators I would say we are nearing intermediate term bottom.