Merely my observation of the S&P500 based on it's 20 year monthly chart. It would appear most 'dips' were bought heavily at the 20month SMA with the 20month (off the low) SMA being the line in the sand..........at least on the last two 'bubbles'.
The 20m (off the low) then became overhead resistance.
Just food for thought. I have sent an alert for SPX at both levels in an effort to "buy like the big boys". At least buying 'there' is limiting my downside risk (wink wink). We could definitely bounce before then but the MACD looks to be rolling over somewhat and let's face it; October is a tough month. I'm sincerely anticipating further volatility as even semiconductors and rails are exhibiting signs of selling. I look forward to buying cheaper; aren't you?