Note on the chart that when the 13EMA crossed up through the 34EMA a new rally leg began. Now, on Nov 1st, we're looking at the potential end of this rally leg. It's still early but if the SPY
does not rally back to 176.15 or higher, then we'll get the first bearish
cross of these two EMA's since the rally leg began and it will take several days, if not longer, for these EMA's to have another bullish
Should this bearish
cross happen today, then SPY/$SPX will become an 'avoid' until these EMA's recross or the RSI
on the 60min chart drops below 30, IMHO
, of course.