Bullish or Bearish? Week of Nov. 14, 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 below the zero line = Bearish

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

S&P 500 support @ 2145

 

Sentiment Indicators

II survey: (Nov. 8) 42.9% Bulls; 25.7% Bears = Neutral

AAII survey: (Nov. 9): 38.9% Bulls; 29.3% Bears = Neutral

VIX: @ 14.17 = Bearish

RSI: (S&P 500) @ 59.43 = Neutral/Bearish

Comment: We went up too high and too fast. Reversal likely so caution advised. Although market still has a little room to run, it’s not enough to go long. Odds favor the bears in the near future. 

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