Bullish or Bearish? Week of Nov. 13, 2017

Here are the latest technical and sentiment indicators:

Technical Indicators (daily chart)

S&P 500 is above its 50-day MA but pointing down = Neutral

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

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

S&P 500 support @ 2560

 

Sentiment Indicators (+RSI)

II survey: (Nov. 7): 64.4% Bulls; 14.4% Bears = Bearish

AAII survey: (Nov. 8): 45.1% Bulls; 23.1% Bears = Neutral

VIX: @ 11.29 = Bearish

RSI: (S&P 500) @ 61.93 = Neutral 

Comment: For the first time in months, the market retreated strongly during the day before recovering some of its losses. Astute market watchers noticed that something changed during the week, i.e. increased selling, which was reflected in a number of indicators. One week does not make a market, which is why this week is so important. The bulls are still in control but their grip appears less strong. Let’s see if the uncertainty carries over into this week.

For a more detailed analysis of the market, here is Lance Robert’s most recent blog. He believes a 3-5% correction is likely:¬†https://goo.gl/BijbDq

 

I will notify you of my blog posts via twitter @michaelsincere

Understanding OptionsUnderstanding StocksStart Day Trading NowAll About Market Indicators
Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInEmail this to someone