Autobot's Advance Decline heads up on ES

Yesterday Autobottrading.com’s advance/decline indicator crossed down bearishly since the bullish up cross on March 30th, which was posted here. This does not imply an immediate bearish outcome, but does warrant caution especially if the equity market becomes short term overbought while the indicator remains in a bearish position. As we posted last week we believe the market can see 1233 on SPX 500 prior to a deeper correction, but we should see a 23-38 pt move lower prior to reaching the long term target. The open gap at 1168 looks like a likely magnet.

We will notify you when the advance decline becomes overbought and signals a swing short.