Bullish or Bearish? Week of Sept. 26, 2016

Technical indicators (daily chart)

S&P 500 is slightly below its 50-day MA = Neutral

MACD (S&P 500; 19,39,9) is even with the zero line = Neutral

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

S&P 500 support is 2,150 and 2,126 (100-day MA).

 

Sentiment indicators

II survey: (Sept. 20) 44.6% Bulls; 24.3% Bears = Neutral

AAII survey: (Sept. 21): 24.8% Bulls; 38.3% Bears = Neutral

VIX: @ 12.29 = Bearish

RSI: (S&P 500) @ 51.52= Neutral

 

Comment: The indexes can go in either direction this week based on clues and indicators. The odds favor the bears but not by much. Best advice: Wait on the sidelines until a trend is established. 

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