Again, in relation to my earlier post on DOWI which requires two conditions to be fulfilled, namely, Break of long term uptrend line with CCI moving below 0. Currently both conditions remain intact for SPX!
Long term CCI trend change is very worrisome and can be significant. My thought is downward risk is much higher than upward potential. It is debatable how deep the potential drop can be. To qualify as a strong buy, I want to see CCI oversold at least.