I have to be brief for the next few days as I don't have my tools and files available to make my usual blog posts (computer issues).
I had mentioned Friday that I thought we'd see some follow through action Monday, but that I wasn't so sure it would hold. That's pretty much happened. I was concerned that BPCOMPQ was not showing any sign of reversing from its sell condition, so while TRIN and TRINQ suggested we'd bounce, it may not last.
The charts today look like bottoming action. NAMO and NYMO weakened a little, but not much and both remain on a sell.
NAHL flipped to a buy today, as it just did cross its 6 day EMA. NYHL improved, but remained on a sell.
TRIN and TRINQ both flipped back to sell conditions.
BPCOMPQ weakened a little more and still suggests the trend is down.
Friday I thought we'd see the S&P test the 200 day SMA and I still think that's going to happen. Whether we bounce off it again or close below it, I'm not sure (assuming it does happen). But the Seven Sentinels do not appear ready to give a buy signal; at least not quickly.
So we have 6 out of 7 signals in a sell condition, with NAHL the lone buy. I expect to see another push lower and could be a significant one to shake out the weak hands and turn sentiment decidedly bearish. This could happen in the next day or two. The other question is how fast an ensuing rally occurs. So far we're not seeing those "V" shaped bottoms we saw last year, and that's a good thing with our limited reaction time. But keep in mind that all though I think we're getting close to a turn, it's also possible that things get worse. But the SS should help keep me out of trouble if things don't improve.
No change to the Top 15 today, and I'm sure the Top 50 look about same as Friday. See you tomorrow.
I had mentioned Friday that I thought we'd see some follow through action Monday, but that I wasn't so sure it would hold. That's pretty much happened. I was concerned that BPCOMPQ was not showing any sign of reversing from its sell condition, so while TRIN and TRINQ suggested we'd bounce, it may not last.
The charts today look like bottoming action. NAMO and NYMO weakened a little, but not much and both remain on a sell.
NAHL flipped to a buy today, as it just did cross its 6 day EMA. NYHL improved, but remained on a sell.
TRIN and TRINQ both flipped back to sell conditions.
BPCOMPQ weakened a little more and still suggests the trend is down.
Friday I thought we'd see the S&P test the 200 day SMA and I still think that's going to happen. Whether we bounce off it again or close below it, I'm not sure (assuming it does happen). But the Seven Sentinels do not appear ready to give a buy signal; at least not quickly.
So we have 6 out of 7 signals in a sell condition, with NAHL the lone buy. I expect to see another push lower and could be a significant one to shake out the weak hands and turn sentiment decidedly bearish. This could happen in the next day or two. The other question is how fast an ensuing rally occurs. So far we're not seeing those "V" shaped bottoms we saw last year, and that's a good thing with our limited reaction time. But keep in mind that all though I think we're getting close to a turn, it's also possible that things get worse. But the SS should help keep me out of trouble if things don't improve.
No change to the Top 15 today, and I'm sure the Top 50 look about same as Friday. See you tomorrow.
