When the slope of the 21 EMA on the SPY WEEKLY Chart turns up then the Bear is most likely over. That seemed to work in 2003 and 2009.
it is very common to see the price pierce through the resistance line by a significant amount.
It is also very common to see the price fail to touch the resistance line.
I should change the 'straight ruler' to 'Simple / primitive ruler'.
The point is that your line is completely subjective.
Are you new to the markets? This is what is called a bear market bounce. This exact scenario happened twice already over the past 3 months.
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The red arrow marks the peak of first bear-market bounce.
The green arrow marks the peak of the second bear-market bounce.
The blue arrow? This marks what you are calling, in all your genius analysis, the market bottom. If you really believe it, go long with all your bluster, mister.
Revisit this post in 5 weeks.
How will you make the call as to when its hit bottom and its time to buy buy buy? .
\ How will you make the call as to when its hit bottom and its time to buy buy buy?

When Nine_Ender is thoroughly humiliated and stumped thusly:
Nine_Ender calls a picnic party for all the ET traders' wives at an ET favorite fishing Lake that is not generally known to the public.
His goal is to corner the BEARS' wives if any remain and humiliate them.
Since there were no BEARS left standing after the most recent rallies, the only one available was yours truly's girl. I sent her to socialize with the gang of traders and enjoy. She wanted to learn to currency trade so I told her to talk to these dames they ought to know stuff
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She confused the daylights out of them as she always went to the opposite side of the lake as them and cott plenty of fish while they struggled.
They cornered her and asked what her secret was?
She replied, "when I wake up in the morning I observe what side, left or right my boyfriend's missile is pointing and I fish only on that side of the Lake.
The wives were speechless to such an extent they could not query her. So Nine_Ender jumped out of the bushes and blasted her with, "and what if when you wake up and his missile is pointing not left or right but straight up?"
My girl replied, "I STAY home"