Weekly preview

Short term view - one more high, it is a bull market what can go wrong:)
Intermediate term view - intermediate term top wave 3 expected soon.

Higher as expected and then levitating around this levels whole week. Nothing much new holidays - no reversal signature so far... it is a bull market so I will assume there is one more high. As a side note very often the reversal begins with long sideway move which looks corrective and suddenly accelerates in the opposite direction. So if you are a short term trader be cautious, there is indexes which are in a correction already like DAX,EEM,SOX.


TECHNICAL PICTURE and ELLIOTT WAVES
Short term - close to a top the pattern always gets ambiguous will we see one more wave higher or not. So far there is nor reversal pattern so I assume this is another wave iv. Reversal only if the price accelerates below 2675 and drops to 2660 or lower.

Intermediate term - in the final stages of wave 3. Fibo retracement 23,6% around 2540 and 38,2% around 2440 are shown on the chart.

Long term - one more correction and a rally before turning very bearish. The next wave lower will show us if the move from the Feb.2016 is over or not. I think it is not.

MARKET BREADTH INDICATORS
Market Breadth Indicators - the same like last week, not signaling an imminent plunge lower, but some of them look tired and do not follow the price.
McClellan Oscillator - above zero with divergences.
McClellan Summation Index - neutral, since the November low is not really moving up with the price.
Weekly Stochastic of the Summation Index - buy signal.
Bullish Percentage - still strong buy signal.
Percent of Stocks above MA50 - short term divergences and below 75.
Fear Indicator VIX - small divergence and intermediate term it looks like rounding bottom.
Advance-Decline Issues - in the middle of the range. A/D cumulative is struggling and look like it is topping.


HURST CYCLES
Day 26 of the 40 day cycle.

Week 5 of the 20 week cycle.