The Ultrashort S&P 500 show a weekly bar breaking the trend line on positive diverging MacD. The caveat here is this happened back in February only to be a fake out. We need to see the lows of this move down hold and $58 taken out to the upside. Until then its advantage bulls.
Merrill is still my benchmark and as it goes, so goes the market. The bulls should be praying that the trend line holds.
The Ultrashort QQQ's proshares (remember this goes up if the Naz goes down) look to be hinting at a turn up as you can see the positively diverging MacD. Still some work but worth watching. Is this move down for real or is it another fake out only to reward the 'buy the dip' mentally out there.
Good trading to you.