In spite of today's intraday reversal of some decent losses, the weight of the technical evidence continues to point towards a short to intermediate term correction which will set up a final 5th wave move to a more significant high above the 2011 highs. Buyers have continually bought even the smallest dip. This is not bullish. The market is probably exhausting short to intermediate term buying power at the top of the wave which will likely result in a deeper and longer…Continue
Added by Steven Vincent on February 27, 2012 at 4:00pm — No Comments
As the S&P 500 hovers at its February 2011 high and the Dow toys with its May 2011 peak, many market participants are looking for an important top soon. While I am certainly aware of some good arguments for a new bear plunge--in fact I've been favoring a major top in the first or second quarter of 2012 myself--I think it's worthwhile to examine the body of technical evidence that indicates that a run at the former all-time highs may be in the offing.
Added by Steven Vincent on February 7, 2012 at 6:15pm — No Comments
HIGHER THAN YOU THINK, PART II
The jobs report came in better than expected and we got a pop above resistance that has held and even run throughout the day. Overbought is becoming more overbought, which is very bullish. Tape action and technical action and the overall setup tends to favor a run back to the 2007 high rather than a top soon followed by Wave E down. Here's how I…
Added by Steven Vincent on February 3, 2012 at 2:55pm — No Comments
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