bull to bear yet?

so far, a nice pullback from fresh bull highs, finding support around 1300. Internals have all weakened with many divergences (which have been present for quite awhile due to POMO). Other than ST, still in the uptrend overall. Oil should candlestick today, so equities should try and bounce for 1-3 days. A sideways vs higher will offer clues to what's next. The growth, QQQQ /IWM, copper, and the internals suggest a deeper correction is at hand. In fact, the QQQQ weekly is close to triggering a bigger sell coming up. I'm flat for now, waiting for a bounce to re short.


SPX

QQQQ-w

QQQQ

IWM

McOs

Breadth

Copper

Vix

Edited by tommyt, 24 February 2011 - 11:49 AM.

Tommy,
I do a lot of Elliott work, primarily on the dow. All of the declines since last summer have been corrective until now. This is the first decline I have seen that has an impulse structure to the downside. I think we are close to completing this leg down and would expect a corrective rally back to the upside like you suggest. I would like to make it clear that as of right now my work shows we are just correcting the rally from the low in late December. If at some point we drop below 11,450 then I would become more bearish short term.
Thanks for your posts, they are always informative. Good luck with your trades

so far, a nice pullback from fresh bull highs, finding support around 1300. Internals have all weakened with many divergences (which have been present for quite awhile due to POMO). Other than ST, still in the uptrend overall. Oil should candlestick today, so equities should try and bounce for 1-3 days. A sideways vs higher will offer clues to what's next. The growth, QQQQ /IWM, copper, and the internals suggest a deeper correction is at hand. In fact, the QQQQ weekly is close to triggering a bigger sell coming up. I'm flat for now, waiting for a bounce to re short.


SPX

QQQQ-w

QQQQ

IWM

McOs

Breadth

Copper

Vix