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INTERMEDIATE-TERM: BREAKOUT COULD BE CONFIRMED
The daily chart looks like a typical breakout then pullback setup, so probably the market will be up more.
The possible target is in chart 4.1.0 S&P 500 Large Cap Index (Weekly), Fib confluence area plus long term trend line which is around 1150ish.
The bottom line, no question, intermediate-term is up. Just right now there’re too many short-term bearish signs. The total number and the extremeness have exceeded that of 2009 March and July push up. How the market is going to handle these bearish signals are remained to be seen.
SHORT-TERM: COULD UP MORE BUT BEWARE OF LARGE NUMBER OF BEARISH SIGNALS
www.sentimentrader.com yes again has total 39% of all its indicators are at bearish extremes. The last 2 times I mentioned this were on 12/14/2009 Market Recap and 12/23/2009 Market Recap.
0.0.3 SPX Intermediate-term Trading Signals, CPC MA10 too high.
0.0.6 Nasdaq 100 Index Intermediate-term Trading Signals, NADNV (Nasdaq down volume) too low.
1.1.0 Nasdaq Composite (Daily), NDXA50R (Nasdaq 100 number of stocks above MA50) too high.
The bottom line, all the warning signs above don’t necessary mean an immediate drop but certainly it looks that there maybe not much up side room left either. Let’s wait and see.
INTERESTING CHARTS: NONE