SPX for the week

Lower volume on last week's strong price performance. Notice on the price by volume bars that there isn't much resistance after this. We get to 1200 really fast. The E. Wavers are pointing out that we are on the '4th of 3rd' previous wave resestance as well. (Horizontal line highlights both) I will post some DeMark Sequential signals later... there are a lot of them.

Mirror, Mirror on the Wall...

...Who is the most overbought of them all? The markets right now are so correlated its "all one trade." If the U.S. Dollar is down, most everything else is up... and vice versa. So just for fun (and possible profit) lets find the asset class, or market, that is the most stretched. If one looks at Copper vs. the S&P and the CRB it looks pretty overbought! The Aussie Dollar is in much the same position against the CRB, SP 500, and the Euro. The Aussie is even high in its range against its brother commodity currency the Loonie. So now we have some areas to concentrate on when/if this Dollar trade reverses.

A little perspective

Thank you Calculated Risk...

Market Comments

I realize this market keeps pressing up, and taking bears out back and whipping them good, but everyone should be aware of the long term context of this rally... and it is full FULL of divergences (and mounting TD Sequential sell signals on many time frames and many asset classes). Also, go look at the Bullish percent charts on SP sectors(I won't post these but you can find them for free on StockCharts.com), many are diverging from price highs. This whole rally has lacked volume and has had divergences the whole way up... so what is different now? Not much... there are just more of them and they are longer term in nature because of the levels. Personally, I think we are setting up for the high of the year... and maybe the high for 2010 too... but what do I know, I am just a stupid hard headed bear.

Three more...

I couldn't get these to upload on the last post...

Market divergences...

Consumer Credit

This is a horrible report (it needs to happen... its just not good for economy or stock bulls), but the scariest part is that debt to income ratio (already high) ticked UP.