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The bearish rising wedge broke on the SP 500 as viewed on the 60 minute chart below. The jobs report was the catalyst, coming in at 80,000 additions vs. 100,000 expected. The market is currently on support at 1350 from a rising diagonal line, with a loss of 17 points this morning. If this support fails, the next stop is in the 1335-1340 area. Below that the rising channel boundary is near 1325. I expect a reversal at one of these supports and a resumption of the uptrend. After all, there was ...

The June jobs report came in with a gain of 80,000 jobs and an unemployment rate of 8.2%. That's a little short of the 90K - 100K that were expected. The unemployment hit estimates.

7/06/12

Stocks opened weakly on Thursday, tried with success to rally off the lows, but sputtered into the close. The Dow lost 47-points on the day.

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TSP Talk Sentiment Survey results for the week of 7/09/12- 7/13/12

The TSP Talk Sentiment Survey came in at 45% bulls, 46% bears, for a bulls to bears ratio of 0.98 to 1. That is a buy signal which means the system will remain 100% S fund for the week of 7/09/12 - 7/13/12.

Bull market rules have been in effect since the week of 1/09/12:

See latest survey results

To discuss or comment on the Sentiment Survey, go to Sentiment Survey Talk ...

7/05/12

Stocks rallied again on Tuesday as the Dow gained 72-points in the shortened pre-holiday trading.
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