Bullish or Bearish? Week of May 1, 2017

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 slightly above its signal line = Neutral

S&P 500 support @ 2363 (50-day moving average)

 

Sentiment Indicators (+RSI)

II survey: (April 25): 54.7% Bulls; 17.9% Bears = Bearish

AAII survey: (April 26): 38.1% Bulls; 31.7% Bears = Neutral

VIX: @ 10.82 = Bearish

RSI: (S&P 500) @ 60.57 = Neutral

Comment: Last week, we had a two-day rally, which ran out of gas midweek. With the Fed on tap to speak this week, we might get increased volatility. For an excellent, detailed analysis of the current market, read Lance Robert’s most recent column here: goo.gl/4A1eWq

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