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There are many who are already declaring the bull market off the March lows dead. That may very well be true but don't fool yourselves in to thinking it's a done deal either. It is normal and expected for markets to test down to those 50 day exponential moving averages from time to time. That allows for the oscillators to unwind and for any negative divergences that formed to be wiped out. The higher you go in a bull, meaning the higher those Macd's go, the odds increase that at some point they won't be able to keep up with price thus creating the negative divergences.