Good question WS. According to one blog I read today: "On the uptick: personal income/spending, the PCE, pending homes sales, Case-Shiller, the Chicago PMI, Consumer confidence, factory orders, the MMIS, the WLEI, plus weekly jobless claims and the trade deficit both improved. On the downtick: the ADP index, ISM manufacturing, construction spending, the monetary base, and monthly payrolls (which were reported Friday at +126k v 295k, the lowest monthly gain since December 2013, and a big disappointment). Next week’s reports will be highlighted by the FOMC minutes, ISM services, and Export/Import prices."
Conclusion of that Forum: Be a BULL!
On another blog: There is negative divergence on the CCI over the past ten daily bars, also the Daily 200MA & Weekly 50MA are both at SPX 2060, there is also a sell signal on a Daily bearish Gartley, targeting SPX 2020 minimum…
Conclusion of that blog: I'm too lazy to find out what a :bearish Gartlety is" but I know negative vibes when I see them. Anyways, doesn't sound like anyone I'd invite to dinner...SO: Enter at your own risk.
RSI stands at 71.03 (getting close to the dreaded 80 number), MACD sits at 20.13 (a neutral but cautionary number), VIX is at 14.45 (Hmmmm)
I viewed several charts presented in these blogs. Most indicate that if we stay at or over 2060 by COB tomorrow, the market will shoot up. However, 2060 is strong resistance apparently and if we fail, expect a significant pullback. At least that how I read the tea leaves.
Best of Luck deciding which road to take.
FS
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