Waiting for Stock Market Signals

Friday close was reasonably good considering just the prior day was brutal. Overall, last week was bad and the third down week in a row. So, is this the bottom?

Looking at the S&P 500 chart does not give a lot of confidence:

The 10-day simple moving average of the price has decisively crossed below the 20-day simple moving average. Seems to me it will take a while for that to reverse. That reversal will be my signal to get back into a long position again. Not before that.

Looking at the NASDAQ, it looks similar to the S&P 500 although the NASDAQ was up big on Friday.

Markets open in about 30 minutes after a 3-day break and there seems to be some pent-up buying interest if the pre-markets are to go by. I am not so sure that the market holds the gains at the days close that it gathers in the early session though. It is times like these where I just like to stay in the sidelines and let the market develop and give me the signals.

There are some rumblings that the government will relax some items to make the situation better. It remains to be seen if those measures will give the markets the confidence needed to bounce back. Price will tell me. For now, I will wait and watch.