Bulls are back

Short-term Sentiment has turn bullish although just barely. The market has come off of very oversold levels and this is a bounce but the question is will the momentum to the upside continue? The next level to the upside is the 109 area and we will just have to wait and see if we get there. Click on image to enlarge.

I have watched how the China ETF FXI and the Emerging Market ETF EEM have been leading the markets. China has just broke a Falling Wedge Pattern which is usually bullish after having made a correction to back below the 200 day moving average. I expect this ETF to rally and the SPY to be pulled along with it. Click on image to enlarge.