We did see the two consecutive bearish patterns in the 15' chart of SPY before the Nov 8 but they were not effective eventually and what we are seeing in the Nov 8 is the RLs are pierced out two times. This market development want to tell us that it is bullish in short term.
The 15' SPX shows almost the same picture and reading.
Now we shift our attention to the daily chart of SPX. I would like to make a count. We can see that we are enjoying the 26 days of up trend. During these 5 weeks plus we found only 2 consecutive down days which were coincident with the "Referendum Call" of Papandreou (That I am very pleased to correctly sugested that it would not happen or his government would fall). I will keep in my mind that Oct 31 2.5%-down day and if that sell off day happens again, we shall run out of the market as a thieves. All the remaining down days were single and they were pull back or buy-the-dip-days. Bears were short-lived and playing the short sell in those day must be swiftly.
So we may say the weekly up trend is maintaining. It means we'll buy the dips/pull-back but not to chase the rally.
Can we see the pull back? It seems that we gonna see it today Nov 9 when the T2108 is overbought, the SPX daily is about to hit by the monthly down resistance line, the Euro markets are pulling back, ...
And what about the EUR/USD daily? This pair is pulling back and it favors the pullback of US markets today. However it seems in the forming of Head and Shoulders pattern and it would be a threat to the weekly rally of US markets.
Conclusion: We must well follow the market movement and find the supports of the pull back today to decide the moment to buy the dip. Also, the size of the purchase is important as we can decide to buy more or to stay still or to quit the market the next day.
And my last idea is if the pull back is about the size of a sell off at more than 2%, I will hold off my intentional purchase.