Bullish or Bearish? Week of Jan. 30, 2017

Here are the latest technical and sentiment indicators:

Technical Indicators (daily chart)

S&P 500 is above its 50-, 100-, and 200-day MA = Bullish

MACD (S&P 500; 19,39,9) is above the zero line = Bullish

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

S&P 500 support @ 2269 and 2248

 

Sentiment Indicators (+RSI)

II survey: (Jan. 24): 58.2% Bulls; 17.5% Bears = Bearish

AAII survey: (Jan. 25): 31.6% Bulls; 33.5% Bears = Neutral

VIX: @ 10.58 = Bearish

RSI: (S&P 500) @ 64.32 = Bearish

Comment: We appear to be in bubble territory, so caution advised. That being said, market could still go higher. FYI: My latest MarketWatch column is here: goo.gl/0C2H7t

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