Today was almost a repeat of yesterday except the market rallied at the end vice selling off. All on light volume. I have no idea where this market is headed next week based on the seven sentinels, but sentiment may be more meaningful once da boyz are back.
Not much to add today. Here's the charts:
A little more deterioration and all four are on a sell.
TRIN and TRINQ improved somewhat, but remain on a sell. BPCOMPQ is the only buy signal right now and tends to be more robust then the others. Light volume activity will probably not force a sell from that indicator.
No change from our Top 50.
So 6 of 7 signals are on a sell, but the system remains on a buy with BPCOMPQ the lone holdout. I have no real conviction one way or another with this market. Even a sell signal tomorrow, unless it's on volume, will not convice me it's a good signal. This sideways action is working off any overbought conditions right now and without meaningful movement in the market one cannot get a good read.
Sentiment may be key going into next week. If it remains bulled up the caution flag will be out. See you tomorrow.
Not much to add today. Here's the charts:
A little more deterioration and all four are on a sell.
TRIN and TRINQ improved somewhat, but remain on a sell. BPCOMPQ is the only buy signal right now and tends to be more robust then the others. Light volume activity will probably not force a sell from that indicator.
No change from our Top 50.
So 6 of 7 signals are on a sell, but the system remains on a buy with BPCOMPQ the lone holdout. I have no real conviction one way or another with this market. Even a sell signal tomorrow, unless it's on volume, will not convice me it's a good signal. This sideways action is working off any overbought conditions right now and without meaningful movement in the market one cannot get a good read.
Sentiment may be key going into next week. If it remains bulled up the caution flag will be out. See you tomorrow.
