SP gave a buy signal based on momentum when it passed 2854. If it closes above 2854 then it's probably OK to buy.
I prefer to use the Value Line Arithmetic Index. The buy signal would be triggered when it reaches 6041 -- 4% above its recent low point. It is currently almost to 6028 -- 13 points from a buy signal.
Since I use the 4% model for my retirement accounts I am in no hurry to buy. I take a longer term view and happy to sit in cash. I try not to lose money in this account.
Some people might want to use a 3% upward move from a recent low to start trading. There are more whipsaws, but you catch moves earlier.
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