There wasn't any news to drive the market today, and tomorrow looks to be the same. It's all about seasonality this holiday season and it hasn't disappointed for the most part.
It appeared the market took a breather today after last weeks runup, but it remains to be seen if there's any juice left to push the indexes higher. I suspect today was all about profit taking, although most are holding their positions.
Sentiment has not changed and is still very bullish in some pockets. It is a negative in an otherwise bullish technical picture. But we are getting extended and I'm seeing more complacency coupled with higher expectations for next year. Since I don't look much beyond the day to day action it doesn't matter to me what the longer term outlook is, but we are building a case for a correction nonetheless.
Here's today's charts:
All four remain on a buy, but the EMAs keep pushing higher. The question is how far can they go?
TRINQ is the only sell signal here. So we have 6 of 7 Sentinels on a buy keeping the system on a buy. My only concern is if any selling does materialize, how fast and how deep will it go? Will the Sentinels be able to give a warning ahead of time? That was the problem at the tops of previous rallies in past months. Will this coming year be any different? I don't know.
That's it for today. See you tomorrow.
It appeared the market took a breather today after last weeks runup, but it remains to be seen if there's any juice left to push the indexes higher. I suspect today was all about profit taking, although most are holding their positions.
Sentiment has not changed and is still very bullish in some pockets. It is a negative in an otherwise bullish technical picture. But we are getting extended and I'm seeing more complacency coupled with higher expectations for next year. Since I don't look much beyond the day to day action it doesn't matter to me what the longer term outlook is, but we are building a case for a correction nonetheless.
Here's today's charts:
All four remain on a buy, but the EMAs keep pushing higher. The question is how far can they go?
TRINQ is the only sell signal here. So we have 6 of 7 Sentinels on a buy keeping the system on a buy. My only concern is if any selling does materialize, how fast and how deep will it go? Will the Sentinels be able to give a warning ahead of time? That was the problem at the tops of previous rallies in past months. Will this coming year be any different? I don't know.
That's it for today. See you tomorrow.
