1 reply to this topic

[tommyt]

I am pretty bearish heading into June. We need to chop for awhile though and build up some overhead supply so a break later from lower prices creates acceleration in my scenario.  SPX 2330 fairly important pivot, so will let the dashboard tell me more.  My .03  anyone else?

Edited by tommyt, 18 May 2017 - 12:47 PM.

[fib_1618]

Summary paragraph from last weekend's Weekly Breadth Data review:

 

"So with the BETS slipping slightly to a +40 this week, we again remain friendly toward equities. However, with both the breadth and volume MCO action decaying over the last several days, a renewed defensive posture, with appropriate sell stops on any long positions, is now appropriate. That said, with both Europe and India continuing to lead the charge to the upside, along with the underlying trending strength we continue to see here in the U.S., this same market weakness seems to be only temporary, but will likely set the tone for the week ahead. With all this in mind then, let's again remain with the bullish path of least resistance though it may be choppy, if not volatile, and we'll then see how things look going into June once we get next Friday's May OPEX behind us."

 

Fib