Short term view - pullback next week
Intermediate term view - higher for several weeks
We saw a green week and now we have a confirmation for a bottom. We have strong move from the bottom it looks like impulse so the move higher should not be over.
Nothing really new to analyze, I think we should see a move higher for weeks to reset the bearish sentiment. We will just follow the market and than see if it is only corrective or to expect new ATH.
Short term - I think the week will start higher, but than the price should turn lower for a pullback.
Intermediate term - we have a wave higher close to the previous high and MA50 now expecting a pullback. I hope we will see a decent pullback for a nice entry not like in October 2015 just higher.
Long term - we saw a follow through this week and it looks like a confirmation for a double bottom. The oscillators showing divergences and I expect a move higher for weeks.
MARKET BREADTH INDICATORS
The Market Breadth Indicators - are moving higher after divergences last week.
McClellan Oscillator - showed strength reached slightly overbought levels.
McClellan Summation Index - buy signal.
Weekly Stochastic of the Summation Index - buy signal.
Bullish Percentage - buy signal.
Percent of Stocks above MA50 - buy signal.
Fear Indicator VIX - moving lower after divergences.
Advance-Decline Issues - in the middle of the range.
I think we saw an intermediate term bottom... 40 week cycle low and this is week 1 of the next cycle.
Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
Price flip higher on the weekly chart, setup at 5 on the daily chart... so far we have a confirmation for a bullish price action.