For all the Dip Buyers?

Quote from Dr.Greenback:

What exactly is a "Dip",or what is the exact criteria for a "dip". Maybe it's just some silly ET slogan or inside joke that I'm not privy too.

I'm just curious. Is there any merit to this phrase?..Is this relative to the equity index futures? Or, just some ambiguous stocks out of the 3000 in the overall market.
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Dips are also relative to the current market environment.

Typically, a dip buying signal is identified when longs are throwing up in the streets.

These days, a dip is anything below yesterday's close.:eek:
 
A significant buyable dip is when the benchmark SPX retraces to its 40 day moving average. I consider that a full retracement dip with extra large profit potential.

Another major dip I watch for is the OEX retracing to the its
40 day moving average. This has almost happened today.

Usually the SPX and OEX dip to the 40 day moving average together, but the current retracement we are now experiencing is demonstrating the SPX is holding up much better than the OEX.
Since the OEX is the largest 100 stocks in the SPX, this could possible hint of a change in leadership from super large caps to possibly different stock sectors of a smaller nature.
 
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