A few notes: We’ve advanced significantly since the last signal set up and then confirmed as blogged about, but into further strength faces resistance above and is currently oversold. Here was the past chart provided. Much of the overhead resistance remains as we are trading above 200 on the SPY.
Although the last market outlook I made didn’t completely confirm a bear market, there was some evidence of a bear market on the horizon, and so I’m looking to mostly be a seller into strength. I’m mostly neutral here. The major overhead resistance doesn’t start until just above 205, however we are overbought on the S&P and Dow and quickly approaching overbought on the Russell and Nasdaq while the McClellan $NYMO is really high as well.
The bearish setups outnumber the bullish ones, and my intention is to gradually place more bearish positions than bullish ones moving forward into strength.If you enjoy the content at iBankCoin, please follow us on Twitter