Charts Courtesy of StockCharts.com

  1. $SPY price remains under all key moving averages even after last week’s rally. 
  2. All my moving average systems remain with cash signals here. 
  3. The ATR continues to be near the yearly high at 6.53 due to the huge intra-day moves last week.
  4. The MACD remains under a bearish cross under. 
  5. The RSI emerged out of extremely over sold conditions to close at 39.28 on Friday. The 50 RSI tends to hold as end of day resistance during downtrends in price. 
  6. The Christmas Eve drop was the biggest decline on that day of all time. 
  7. The volume on the down swing was on increasing volume until Christmas Eve.
  8. The volume on the bounce was on declining volume last week as the days played out. 
  9. $VIX continues to signal expanding volatility with the 10/30 day EMA crossover at 28.34.
  10. The bounce is not yet confirmed based on my signals. I need to see price close over the 10 day EMA, the 50 RSI, and increasing volume as my first step to looking to get back long. I have been long silver, gold, and miners. $AGQ $UGL $NUGT. I am currently still holding $NUGT and $AGQ.