Monday, April 14, 2014

($SPX, $SPY) The NYSE Summation Index has turned lower and this is bearish medium term.

($EWZ) The Brazil Etf is now at hard weekly resistance. Needs a nice correction here.

($TLT) The 10 year US bonds are at hard weekly resistance. They have to correct now.

($NDX, $XLF) The Nasdaq-100 and the financial ETF are both at hard weekly support. They should bounce from here.

($DJIA) The Dow is now at hard weekly support. It looks like it should hold about here.
($EURUSD) Given the psychological importance of the $1.40 area, I suspect the short-term participants will shy away from pushing the euro much higher in the days ahead. Support is likely to be found in the $1.3780-$1.3800 initially.

Saturday, April 12, 2014

According to the weekly survey from the AAII, bullish sentiment saw its largest one week decline since early January. After bouncing up to 35.4% in the prior week, bullish sentiment declined 6.92 percentage points to 28.48%. This is the lowest weekly reading since February 6th. While the ranks of the bulls thinned, the bearish camp grew, rising from 26.8% up to 34.1%. It is also the first time since February 6th that bears outnumbered bulls.