The S&P got back above that longer-term support line to start the new week. Horizontal support at the March low held. A test of the rising 50 dma is likely next.
The DWCPF was in better shape than the S&P 500 as it never tested its March low, but both charts have been putting in low highs over the past 6 weeks or so. But now the DWCPF appears to have put in a higher low as it erased all of Thursday's losses and a bit of Wednesday's. There's plenty of resistance above with that falling trend line and the 50 dma to contend with, so price will have to clear that as well as hit a higher high. If it can to that, traders may shift to a more bullish stance. NAAIM shifted bullish late last week and I said I don't like to fade them. Monday's rally supports my observation.
The Bank Index bounced with authority on Monday, sending price higher and closing above that horizontal area of resistance. RSI was kissing that oversold line, but has now turned back up.
I'm all in again, though I was hoping to buy at a lower level, but I was already 50% stocks (C and S) before I made the move. I think this bounce should have legs for the next few days or so. TRIN did close at a low level today, so there is a chance we give some gains back on Tuesday, but on balance I think we bias higher. The options market has not settled yet, so I don't know how they are positioned for Tuesday. I'll check again later this evening.