I think this is just the beginning and we have with very high probability an intermediate-term top. I expect a correction of the whole move since the March 2009 bottom. This will not happen tomorrow of course. We will see first correction of the last move since February. Then "buy the dip" crowd will appear and drive the prices higher. We could see lower higher or higher high I do not know but do not get fooled we are carving out intermediate-term top and you should position right.
Do you remember the sentiment in March 2009? -sell and forget it. Now -buy and forget it. Do not get fooled watch your charts. And I think they are saying troubles ahead. They have warned us in 2009 and they are telling us now the party is over soon.
Look at this charts and the market breadth indicators. Do you notice what happen last time?
- Weekly chart Dow Jones - MACD divergence and 61,8% Fibonacci retracement
- Divergence S&P500 Percent of Stocks above 200 day moving average
- Divergence S&P500 Bullish Percent Index
- Divergence NYSE McClellan Summation index
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