The S&P 500 finally took a breath and slowed down. It is still above the sharp short term uptrend line, but I suspect that will fail soon. The longer term uptrend line below is more realistic and I expect that to continue for a long time. Currently after last weeks slowed down, a bull flag is forming. Price normally breaks out to the upside but these flag normally take 10-15 trading days to completion. Everthing on this chart is still positive. We sit back and just watch here.
The Small Cap daily is in the same shape as the S&P 500, but it is easy to see that the sharp short term uptrend failed. The CBL sell line is still safe but it is getting close to worry point. Yes, we definitely have a bull flag formed and waiting to see if it breaks out to the upside. All looks good and we sit and wait.
The International still looks a bit sloppy to me but only because of the last 2 to 3 weeks. We do have 4 pivot lows that each is higher than the last. That is normally a good thing, but some of the moves here have been really strong and no pattern can be drawn. Price is very close to the sell CBL line and we will just have to see if that holds. The positive to take awy here is that the DMI at the bottom of the chart is indicating we are still going to see higher prices. So, we are still a daily buy, but it is within pennies of being a sell.
Unfortunatley for people playing the F-fund price just keeps sinking lower. The Fed is beginning to raise rates and I believe that this will have a negative affect on bonds and they will sink lower. Price has broken support from two years back and the next support level dates back to January 2013 around $106.50. Everything here looks bleak.
Conclusion: C,S, and I are all a watch to see what happens. F, well, I would stay out.
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