In Tuesday’s update we urged caution and said, “the market is topping out here” and highlighted important support for the market. Earlier today, the Dow and S&P 500 sliced below support but we are now seeing the bulls show up and “save the day,” once again. Today’s action suggests

Remove the Fed – and there is NO QUESTION in my mind the market is topping out here. We have gone no where for over a year, this has occurred after a 7 year bull market (last few bull markets ended after turning 5), leadership remains virtually non-existent, and we are now seeing sloppy wide and loose action showing up -after a big move. To be clear, this is Textbok/a classic top being put in. The only major bullish wildcard…

Dear All: 1. There are 12 New Tactical Trade Setups In This Week’s Report: 7 Longs and 5 Shorts: Forbes:Anthony Scaramucci’s Reaction to Yesterday’s SALT

Once again, the bulls showed up and defended the 50 DMA line for the Dow Industrials and S&P 500 right after several other – important – areas broke below key areas of support this morning. Right after the open, we saw…

The bulls showed up and defended the 50 DMA line for the S&P 500 and several important areas of the market. Until the S&P 500 and Dow Jones Industrial Average break below their respective 50 DMA lines, the buy the dip crowd remains in control. Going forward, we want to see…

Intermediate and long term there are one of two possible scenarios that may unfold: A. The major indices are building a long 1 year base and a breakout above resistance (2134 in the S&P 500). If that occurs, that will likely be bullish and trigger a new leg higher. B. This is one big top after a 7 year bull market and support breaks (1810-1820 in the S&P 500) and we enter a new bear market. We still think…

Market Update: The inability to bounce speaks volumes. The bulls were disappointed on Thursday after the bears showed up and sent stocks lower. Before the