Forgot about your opinions and feelings, what is the SPY chart saying?

We are in a bearish stage in the S&P 500 exchange traded fund SPY. Bulls are currently trapped under the 50 day and need enough buyers to overcome this line. If they are successful then the 200 day simple moving average will still loom overhead. The 200 day is the bears last stand, to truly get an uptrend started bulls have to overcome the 200 day and hold it.

I would not consider being bullish until the SPY overtakes the 200 day, if it fails to overtake this line then a failure is a great place to short or add to current shorts. SPY holding above this line for a  few days is a good place to start looking for longs. I do not believe that being long stocks when the overall market is bearish and struggling to over take major moving averages is a good plan.

We are currently trading in a choppy, range bound, and bearish market. Trade accordingly. I like shorting at rallies to the 50 day with a stop loss if it holds above the 50 day at the close.