Weekly preview

Short term view - lower next week, then we will see if this is the top or not.
Intermediate term view - close to the top of wave 3 from the Feb.2016 low.

SP500 working on fifth wave as expected.... I am not sure if this is the top or we will see one more high. You can count the price action from the August low as finished, but another count with one more high is possible. Every index looks different so it is not easy to use other indexes as a reference. It is always the same around tops/bottoms you never know if you will see one final push or not.


TECHNICAL PICTURE and ELLIOTT WAVES
Short term - SP500 looks toppy. I expect the index to turn lower on Monday or Tuesday. I do not know if this is the top or not, first I want to see how a move lower looks like.

Intermediate term - close to the top of wave 3.... waiting for reversal signature. RSI broke the trend line and now working on a divergence.

Long term - no change, waiting for the top of the current leg higher then one more correction and a rally.
I have some suspicions that this could be the top of the move from the Feb.2016 low. No need to get bearish now, the top will be tested.

MARKET BREADTH INDICATORS
Market Breadth Indicators - look very bad. The indicators do not follow the market higher any more. A/D issues and NH-NL are heading lower when the market is heading higher - big red flag.
McClellan Oscillator - spending a lot of time below zero already.
McClellan Summation Index - sell signal.
Weekly Stochastic of the Summation Index - sell signal.
Bullish Percentage - sell signal with small divergence and below MA10, but still above 70.
Percent of Stocks above MA50 - very weak, below 75 heading lower while the indexes are making higher highs.
Fear Indicator VIX - extreme complacency again, double bottom?
Advance-Decline Issues - below zero. For the first time in 2017 Advance-Decline Issues cumulative is pointing lower while the indexes are moving higher.


HURST CYCLES
Day 7 of the 40 day cycle. As expected after strong rigth translated cycle another higher high follows.

Week 11 of the 20 week cycle.

Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
We a have a finished sell setup on the weekly chart, but no price flip so far. For the next week price flip is a close below 2553.

Weekly preview

Short term view - higher for the final wave 5 from the August low.
Intermediate term view - heading higher for the top of wave 3 from the Feb.2016 low.

SP500 squeezed a few points and we saw pullback 30 points. Every index looks a little bit different short term, but the common is one more high or to finish the final wave so I still expect one more high before an important top.


TECHNICAL PICTURE and ELLIOTT WAVES
Short term - the first target for a pullback was hit(the green circle from last week). The move lower has only three legs which is corrective. On the upside despite the strength the move so far is only a-b-c too(better visible on the NYSE and DJ probably not so much tech stocks in the index). In this case there is two options - one more leg lower for a flat correction(the red IV) or a ED for wave V.
Of course there si a bullish option acceleration higher for an impulse, but looking at the indicators and other indexes it does not look likely.

Intermediate term - now waiting for one more higher high for nice finished pattern with RSI/MACD divergence. This should be the top of wave 3 from the Feb.2016 low.

Long term - no change, waiting for the top of the current leg higher then one more correction and a rally before the end of the bull market.

MARKET BREADTH INDICATORS
Market Breadth Indicators - all indicators turned lower. I expect to see divergences when the final wave up is running.
McClellan Oscillator - below zero, one final move above zero for a divergence will look great.
McClellan Summation Index - sell signal, expecting a divergence after the final wave up.
Weekly Stochastic of the Summation Index - sell signal.
Bullish Percentage - sell signal.
Percent of Stocks above MA50 - turned lower and below 75.
Fear Indicator VIX - I expect higher low and explosion higher.
Advance-Decline Issues - lower since September and now plunging below 0.... strange for "strong" indexes making all time highs.


HURST CYCLES
The low for the 40 day cycle was hit at day 47, alternate one more leg lower for 2-3 days.

Week 10 of the 20 week cycle.

Tom Demark SEQUENTIAL AND COUNTDOWN - this technique spots areas of exhaustion.
Now we have finished sell setup on the weekly chart. For a sell signal we need a price flip.