Weekly review / Седмичен преглед

Short term view - one more push lower and short term bottom the first half of May
Intermediate term view - we are in an intermediate term correction lasting till mid or end of June

MARKET BREADTH INDICATORS
McClellan Oscillator
McClellan Summation Index issued a buy signal
Weekly Stochastic of the Summation Index issued a buy signal
Bullish Percentage
Percent of Stocks above MA50
Fear Indicator VXO

TECHNICAL PICTURE
Last week a said that one more move up is missing and there we have it. Now if I am right next week the next leg down will start which will make lower low. But the bears must show up early next week. If we see 1 or 2 strong days than next target is new highs. I think again that one more push lower is missing... but if the market wants to do something different I am ok with that:) We have MACD turning up at the zero line,small divergence on the Histogram and the McClellan Summation Index issued a buy signal so move on the UP side can not be excluded. Watch Monday and Tuesday for a clue for the direction of the market in the next two weeks
The chart shows what I expect for the summer.

The chart is showing what I expect short term. But if we see strong UP day than forget it - next target new highs.

CYCLES (TD - trading days)
The small cycle is 13 trading days long now. I think there will be one more push lower to finish it.

Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
No trade-able Info - we have 1-2-3 from a sell sequential for now.