The S&P 500 bounced hard off of that blue support line I drew last week. It had 4 very nice days and then flopped on Friday. This week move was good enough to cancel all the warnings, but I have to be cautious until we get a little but more room above the warning levels. That short term down trend line I drew last week I will either delete or modify to a slower descent if we create a higher pivot high here. Ultimately for me, it is a time on the daily chart to be cautious. So I will watch and drop the warnings for now.
The Small Cap made a new all time and a new all time closing high this past week. Everything here looks good. Let’s hope that once again that the Small Cap leads us higher in the next few weeks.
The International did very little this week in deciding which direction it wants to go. So the sell signal on the daily chart is still in effect.
Bonds for the first time in a long time showed a little life. We have seen this move before and very recently. See that area in the red box? Doesn’t that look similar to what we have going on the last two weeks? That’s why we wait for levels to be broken and held before we make rash moves. Bonds are still a sell on the Daily, Weekly, and Monthly chart. No need to bottom fish with all these signal screaming to stay out.
Conclusion: Steady as she goes for now. No moves emanate and we just sit back and watch.
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