It’s not clear yet how significant last week’s market top will turn out to be, but the market trend picture is now reflecting a negative (or at best mixed) outlook. While things seem a bit oversold short term, recent market action and a still negative intermediate-term sentiment picture suggest that caution may be warranted. New [...]
The market trend picture is once again mostly positive, but the Financial and Healthcare sectors are still negative/mixed at best and the sentiment picture has continued to deteriorate. So, while the market uptrend remains intact for now, the possibility of a topping scenario like that mentioned in last week’s post appears to have increased. New [...]
The market remains in an intermediate-term uptrend, but the overall trend picture has turned mixed. The sentiment picture has also further deteriorated. I’m watching for a couple of possible scenarios from here: A move up to or through the significant upside resistance (i.e., ~1440 on the S&P 500), convincing the majority of market participants that [...]
The market trend picture remains positive after another up week – the third in a row. The market averages are now approaching the next significant upside resistance levels (about ~1430-1440 for the S&P 500; 2480-2500 and ~2550 for the Nasdaq; and 13,200-13,300 for the DJIA), which might be expected to trigger some consolidative action. Market [...]
