Here are the latest technical and sentiment indicators:
Technical Indicators (daily chart)
S&P 500 is above its 50-day MA = Bullish
MACD (S&P 500; 19,39,9) is above its zero line = Bullish
MACD (S&P 500; 19,39,9) is has fallen below its signal line = Bearish
S&P 500 support @ 2560
Sentiment Indicators (+RSI)
II survey: (Nov. 14): 63.5% Bulls; 15.4% Bears = Bearish
AAII survey: (Nov. 15): 29.4% Bulls; 35.2% Bears = Neutral
VIX: @ 11.43 = Bearish
RSI: (S&P 500) @ 55.24 = Neutral
Comment: Notes: MACD sell signal was triggered, which has led to short term pullbacks. AAII bullish sentiment plunged but not enough; market did fall last week but recovered. Holidays are usually bullish so let’s see what happens. Because of the holidays, it’s possible any major pullback will be delayed until early next year, but be on guard. Also, fund managers go through their annual ritual of buying anything that moves to gin up their averages to beat the benchmark and lock in a juicy compensation. It would be unusual if the market fell over the next few months, but anything is possible. The odds are we are going to limp into the end of the year, but I will watch for signs of further derioarrion (like last week). Next week will be light trading so anything is possible.
I hope everyone has a great Thanksgiving!