The S&P 500 had a not so good week. Down more than 1% and fell below the red CBL line. This means that the 1st sell warning is on. Price also closed just a few cents above the 50 day moving average which would put the S&P into a sell mode. Next week if we have any lower prices, daily sells are going to firing here and on other indexes. The DMI at the bottom of the chart is a small indicator that short price pressure is lower, so it doesn’t appear to be a good thing for next week hope of higher prices. This is no prediction of what the market will do, just a indication that it is leaning heavy to the lower prices. I’m putting a hold on the daily S&P.
Small also suffered over a 1% loss for the week. Price fell low enough here to put the first sell warning out and hold on the daily chart. The structure right now on this index and the S&P doesn’t look bad and you could even argue that both indexes have bull flags forming. Nothing to concerning here yet. Next week should be the tell.
The International had a very bad week. Every chart for the International is now in the sell mode. There is nothing to like here at all and I would stay away for now.
So far this month, guess who the shinning star is? Yep, Bonds. up 1% plus so far. Bonds just keep grinding higher and helping to hold my losses down on the C and S.
Conclusion: Simple. we need prices on the S&P and Small Cap to go up next week.
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