Bullish or Bearish? Week of April 10, 2017

Here are the latest technical and sentiment indicators:

Technical Indicators (daily chart)

S&P 500 is hovering slightly above its 50-day MA = Neutral

MACD (S&P 500; 19,39,9) is above the zero line but pointing down = Neutral

MACD (S&P 500; 19,39,9) is below its signal line = Bearish

S&P 500 support @ 2346 (50-day moving average)

 

Sentiment Indicators (+RSI)

II survey: (April 4): 55.8% Bulls; 18.3% Bears = Bearish

AAII survey: (April 5): 28.3% Bulls; 39.6% Bears = Neutral

VIX: @ 12.87 = Bearish

RSI: (S&P 500) @ 49.67 = Neutral

Comment: Last week was interesting because of the intraday reversals. Put another way, the rallies did not hold. Right now, I’m watching the 50-day moving average, which is acting as support. This is earnings week so anything is possible. I am leaning bearish because of the intraday reversals and failed rallies, but this market could go in either direction. After all, sideways markets can be the most deceiving, so be on guard. 

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