Bullish or Bearish? Week of Nov. 21, 2016

Here are the latest technical and sentiment indicators: 

Technical Indicators (daily chart)

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

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

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

S&P 500 support @ 2,146 (50-day moving average)

 

Sentiment Indicators

II survey: (Nov. 15) 51.0% Bulls; 23.5% Bears = Bearish

AAII survey: (Nov. 16): 46.7% Bulls; 29.6% Bears = Neutral

VIX: @ 14.17 = Bearish

RSI: (S&P 500) @ 63.96 = Neutral/Bearish

Comment: Market is extremely overbought but we’re heading into a holiday week. Trouble lies ahead but impossible to time right now. Staying on sidelines until volatility returns is wisest move. 

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