Weekly Preview

Short term view - bigger pullback is expected.
Intermediate term view - after a pullback one more high followed by a correction for 2-3 months.

Nothing happened this week. The analysis stays the same like the previous week - waiting for a bigger pullback and one more higher higher then a correction.


TECHNICAL PICTURE and ELLIOTT WAVES
Short term - the move looks like sideway move one final high could be squeezed.

Intermediate term - waiting for a higher high and divergences.

Long term - no change, there is more to the upside then we will see which pattern is playing out.

MARKET BREADTH INDICATORS
The Market Breadth Indicators - some signs of a short term top. Triple divergences on some indicators, which means intermediate term top is not far away.
McClellan Oscillator - making lower highs, divergence.
McClellan Summation Index - buy signal, but divergence.
Weekly Stochastic of the Summation Index - buy signal.
Bullish Percentage - waiting for a sell signal.
Percent of Stocks above MA50 - expecting divergence and short term top.
Fear Indicator VIX - low levels again and complacency.
Advance-Decline Issues - in the middle of the range.


HURST CYCLES
Day 34 of the 40 day cycle. It is time for a pullback.

Week 7 of the 20 week cycle.

Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
Finished combo/countdown on the daily chart and week 7 of a sell setup on the weekly chart. When it is finished we will have 9-13-9 sequence on the weekly chart and we should see intermediate term top.