11-2-2010 Market Indicator Status Update
Both Major Market Timing indicator #1 and #2 remain on “DOWN”.
Can you Re-issue a new “DOWN” indicator if one occurs (given that current MM market timing indicators are “DOWN”) already? I have long positions I’d like to exit.
Yes, I will re-issue a “DOWN” indicator if a new one occurs.
We typically see a “holiday rally” every year from late November to December, so any new “DOWN” indicator here probably won’t result in a deep correction (at least until December end) – because of this “calendar influence” my system filters out weaker “DOWN” signals.
The market is having trouble breaking S&P 500 1200 level. Wall Street appears to be waiting to see if the election results in a new rally that breaks 1200 – if this doesn’t occur this week we’ll probably see some type of downward move.
Thanks for the update Michael. It’s been trying looking at this market climbing but I’m staying the course. Curious what would change your indicators or are you awaiting a pullback to go long? Lookin at the 50, 150, 200 moving averages the 50 is trending up but 150 & 200 seem to be horizontal and converged so not sure which way this will go. http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=spx&time=8&freq=1