New "BUY" signals have just formed on the RSI, MACD and PMO indicators for:
- SPX:VIX ratio: Price still needs to cross and remain above the 100 level, as outlined in my post of January 29th, and, thus, is still aimless and directionless within the "Uncommitted Zone."
- MSWORLD Index: The RSI is about to cross above the 50 "BUY" level, possibly by tomorrow (Thursday). Major resistance lies above at 1600, as also mentioned in the above post.
* UPDATE March 3rd:
We'll see if the newly penetrated 100 level holds as support now on the SPX:VIX ratio, as well as the 1600 level on the World Market Index, as shown on the following updated Daily charts of both. If so, it looks as though equity markets are in for a new bull run...possibly to new highs sometime this year. Otherwise, another failure of both of these levels will likely begin a new bear run to new lows.