The weekly oscillator for SPY (etf for S&P500) is still trending downwards. This indicates that S&P500 prices will correct (go down) or base (go sideways) for a few more weeks.
The daily oscillator for SPY (etf for S&P500) is also trending downwards. This indicates that S&P500 prices will correct (go down) or base (go sideways) for a few more days. Here the prices made a lower low and after that did not make a higher high. This means the daily prices trend is also trending down.
Once the weekly oscillator reaches the bottom we can evaluate the status of the market movement. At that point we can know if we are still in a primary uptrend or the market trend is changing based on the price pattern of the market. If the primary trend is still up, it will give us an opportunity to buy. If the primary trend has turned down then we should get rid of our holdings.
