Short term view - probably a little bit more to the upside left... but we should see topping action up and down.
Intermediate term view - too early to be bearish but now watching closely.
The short term played out exactly as expected. Now for the next week it is difficult to predict the path. Five waves up or a little bit higher left on Monday so it is time to be cautious.
If I am right the indexes should start topping , which does not exclude higher prices, it means up and down moves. Still bullish action and too early to get bearish. Now I am just watching to see how it develops. Without a sign you do not flip bullish/bearish, wait for confirmation.
March is one of the Months when reversals usually occur... so watching and waiting to see if I am right.
P.S. On Sunday I will post something which I think is important and interesting about the other and the long term.
Short term - bullish above the last support level around 2070 and watching for further signs.
Intermediate term - no change
Long term - no change. Divergences which support the idea of a correction.
MARKET BREADTH INDICATORS
The Market Breadth Indicators - have reached the minimum levels where a swing could top out and we have triple divergence on most of the indicators. Now watching for reversal signs.
McClellan Oscillator - three lower highs... bad signs unless the index start moving higher rapidly.
McClellan Summation Index - buy signal, but lower highs.
Weekly Stochastic of the Summation Index - reached overbought level.
Bullish Percentage - buy signal, but several lower highs.
Percent of Stocks above MA50 - moved above 75 about the same story triple divergence.
Fear Indicator VIX - moved lower as expected but we have a divergence.
Advance-Decline Issues - very weak, with series of lower highs.
Day 14 of the current 40 day cycle.
Week 3 of the current 20 week cycle.
Following closely the current 20 week cycle... when it tops the indexes should move lower to 18 month cycle low and the low for the year.
Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
Day 8 of a setup... I think it will be finished and than we see what happens.