After setting off downside alarm bells earlier in the week, the market has now strung together 3 straight days of upside action, which allowed the broader market to finish with a modest weekly gain. That's now 9 weekly gains in the past 10 weeks.
I had thought the Seven Sentinels might flip to a buy condition again today, but it's didn't quite make it. BPCOMPQ was the holdout yesterday, but it flipped to a buy today. TRIN triggered a sell on today's action, but it was by the slimmest of margins. Maybe 2 hundreds of a point or so.
That officially keeps the system in a sell condition.
As I mentioned in yesterday's blog, there's still too many market positives in the bull's favor to get sustained traction on the downside. I had thought sentiment would have favored the bears earlier in the week as folks were buying the dips (including us), but a number of sentiment surveys revealed bearish levels had spiked in a hurry. And our sentiment survey is on a buy again for next week.
Stop by Sunday evening for a look at the latest tracker charts. Last week, the herd had spiked their collective stock allocations in significant measure. Will that trend continue?
I had thought the Seven Sentinels might flip to a buy condition again today, but it's didn't quite make it. BPCOMPQ was the holdout yesterday, but it flipped to a buy today. TRIN triggered a sell on today's action, but it was by the slimmest of margins. Maybe 2 hundreds of a point or so.
That officially keeps the system in a sell condition.
As I mentioned in yesterday's blog, there's still too many market positives in the bull's favor to get sustained traction on the downside. I had thought sentiment would have favored the bears earlier in the week as folks were buying the dips (including us), but a number of sentiment surveys revealed bearish levels had spiked in a hurry. And our sentiment survey is on a buy again for next week.
Stop by Sunday evening for a look at the latest tracker charts. Last week, the herd had spiked their collective stock allocations in significant measure. Will that trend continue?
