The Lemon Fool

AIUI there are now only 3 world stock markets above the 200d ma & one is the US.

NDX now close to support at 7000; will the June breakout hold or will it drop back into the consolidation zone?
$NDX http://tinyurl.com/y8nwyh73

SPX 2767 Will support at 2700 hold or will it also retreat into the consolidation zone?
$SPX http://tinyurl.com/ybmagpkj

There are reasons to be bullish into 2019
1) Corporate buybacks & m&a activity are Hoovering up stock
https://www.reuters.com/article/us-usa- ... SKCN1MF2DN

2) Fiscal spending in 2019
3) Not enough complacency
4) Junk bonds still outperforming investment grade bonds
HYG:LQD http://tinyurl.com/yckemyj3

Against this,
1) US ETF investors seem to have had the heebie jeebies from end aug to now
https://asburyresearch.com/wordpress/wp ... 1012-9.jpg

2) If passive investors panic then the spx could drop very fast due to etf liquidations of very highly rated stocks - who would buy AMZN on a pe of 100+
https://finance.yahoo.com/quote/AMZN?ltr=1

If prices stabilise then this could be a buying opportunity; the next few days might give some clues.
Any views?