Which way is the market going? I have elliot wave counts, and all sorts of TA. Sentiment is still a little too bearish (bullish for stocks). And we are in the middle of options X week after making a new 3 month high, which has a high probability of being bearish. But it's not (yet).
I feel a little left out sitting on the sidelines (or in F fund) while the market rockets higher. (But then I remind myself, that I beat all the premium services last year).
After studying all kinds of TA stuff, I conclude that the bond markets are the smartest markets in the world, and give clues about tomorrow,today. Because bond markets move so little up and down, it is very difficult to count unfolding waves with much precision (at least for me). So then I look at channels. Taking AGG for example (Barclays Aggregate Bond Fund), I see a beautiful uptrending channel (green) since December 1, 2011. The channel trade is still on as long as 110.25 -110.13 or so holds. If AGG breaks down here, then the Euro will probably be doing a backtest of the 130 area, and the equities risk trade is back on for a short period of time. If green line support holds, equities is going down IMO. It is also possible for some other reasons, that SPX and bonds could move up lockstep up for a short period of time.
Notice the larger channel and the bollinger band (BB) boundaries of the price action. The next major move in that larger and longer timeframe channel (magenta) is up. The swings appear to take about 3.5 months.
So be careful out there. Remember, this is no stops trading. The big gain on your TSP paper record can evaporate quickly. Managing risk also means managing the number of days one is in the market. More days in = more risk.