If you had any doubts about the intermediate term direction of the market based on the seven sentinels sell signal two days ago, today's action should have cured that. Bad enough I waited an extra day just to be sure I wasn't going to get whipsawed again, but the inability of being able to access my account today to raise cash made matters even worse. It may work out, but today's downward slide put an exclamation point on the current sell-off. And on volume too.
It's time to be defensive as this kind of selling pressure is often indicative of more follow through in the coming weeks. It may even challenge the longer term picture if it gets bad enough, but I'm just focused on the intermediate term for now.
Here's today's charts:
From bad to worse. Not much else to say about these four charts. We have broken to the downside of a rising wedge, and that's reflected in these charts.
One buy signal, TRIN. But BPCOMPQ should get your attention. It's dropping like a lead balloon.
If our top 25% saw this coming, they didn't position themselves for it. (Collectively speaking, of course). Their collective position won't change much going into tomorrow's action either, as the TSP website was down for much of the day.
So we have 6 sell signals out of 7, which keeps the seven sentinels in a sell condition. I am still looking to raise cash at this point. Selling rallies is probably a winning trade now.
It's time to be defensive as this kind of selling pressure is often indicative of more follow through in the coming weeks. It may even challenge the longer term picture if it gets bad enough, but I'm just focused on the intermediate term for now.
Here's today's charts:
From bad to worse. Not much else to say about these four charts. We have broken to the downside of a rising wedge, and that's reflected in these charts.
One buy signal, TRIN. But BPCOMPQ should get your attention. It's dropping like a lead balloon.
If our top 25% saw this coming, they didn't position themselves for it. (Collectively speaking, of course). Their collective position won't change much going into tomorrow's action either, as the TSP website was down for much of the day.
So we have 6 sell signals out of 7, which keeps the seven sentinels in a sell condition. I am still looking to raise cash at this point. Selling rallies is probably a winning trade now.
