4/22 Conclusion: Is the correction over? Well, no, but it may be very soon. Objectively speaking, intermediate-term internals have declined to levels that could justify another leg up, and they are doing their best to bottom. The market has been correcting for seven weeks, which is sufficient, if not conclusive. We have IT and LT BUY signals, so my bias has to be weighted toward the bull. My posture is to look for an up move next week, and as last week, a daily PMO bottom will be the first, if not infallible, clue that the market is done correcting. If an upside breakout follows, I will believe it.

4/14 Conclusion: We are in a cyclical bull market within a longer-term secular bull market. The overvalued condition discussed above creates a fundamentally negative context, but it doesn't cry out for immediate remediation. The current correction has not done much price damage at all, with a price decline of only -3.3%. Intermediate-term indicators reveal sufficient internal correction to justify a new leg up. The first necessary signal that the correction is over would be for the daily PMO to turn up

4/1Conclusion: Putting it all together, I would expect to see a rally pop off the rising bottoms trend line that will likely be followed with a decline and breakdown. The VIX suggests a pop, but volume indicators are negative and that tells me that volume isn't confirming the positive rise in the price-based indicators (STO-B and ITBM). I suspect we will see lower prices by week's end.

4/7 Conclusion: We are in a cyclical bull market (since February 2016) within a secular bull market (since early-2009), and neither show signs of abating. I expect the market to continue correcting the excesses from the advance off the October lows, but I wouldn't bet against the bull. When will the correction end? For me, the first sign that a new up leg was beginning would be when the daily PMO turns up. That is a very short-term and somewhat fragile signal, but it will definitely get my attention.

4/4 Ultra-Short-Term Indicators: Nothing interesting here.

Short-Term Indicators: I'm afraid that the short rally last week is all we are going to get out of the positive divergences between indicator and price bottoms. Now that both have topped and are heading lower, I would expect price to follow.


Conclusion: The short-term rally of last week ended as price fell back at resistance, staying in its declining trend channel. Indicators are looking bearish in the short-term and although we don't have confirmation on intermediate-term indicators yet, I am moving bearish in short term and neutral for intermediate term.

4/3 Conclusion: When Tom and I finished the show we gave our "outlooks" in the various timeframes. Tom and I were bullish in all timeframes, but I think I agree with Tom that we should be more "cautiously" optimistic in the intermediate term. That jibes with what we are seeing on the DP intermediate-term indicators

3/30 Ultra-Short-Term Indicators: No climactic information to be garnered today. The VIX opted not to test the upper band telling me we could see a bit more upside.

Short-Term Indicators: These indicators look really good. Not only are they rising strongly, I've noted three different positive divergences.

Conclusion: Indicators look good in all timeframes. Although price has reached resistance at the top of the declining channel, with so many positive indicators, I'm expecting a breakout

3/29 Ultra-Short-Term Indicators: No climactic readings. I've annotated vertical lines where we saw major climactic moves on the CVI and Participation Index. These indicators will no longer be updated as of Monday. I think the Net A-D and Volume histograms will be a suitable substitute as they do seem to pick up on the larger spikes. The VIX is highlighted today because it is nearing its upper Bollinger Band. An upside penetration typically results in a pullback the next day or two. I'll be keeping an eye on it and I'll alert you if it does.


Short-Term Indicators: I like these indicators right now. They are rising nicely and have set up positive divergences with price bottoms. They can accommodate plenty of upside price movement before getting overbought


Conclusion: Price on the SPY is about to reach important overhead resistance within the current declining trend channel. Short-term indicators suggest a breakout. The PMO is decelerating, but hasn't gotten on board just yet. I like seeing intermediate-term indicators turning up in conjunction with positive short-term indicators. I think the market has some more upside potential despite the declining trend channel.

3/28 Net Advances-Declines Indicators Rock the Ultra-Short Term


http://stockcharts.com/articles/decisionpoint/2017/03/net-advances-declines-indicators-rock-the-ultra-short-term.html

3/28 Ultra-Short-Term Indicators: The chart is a bit busy today. I'll be writing about the loss of the CVI and Participation Index in today's DecisionPoint free blog. I've decided that the Net A-D histograms will be a nice substitute. While they don't catch every climactic move, they do seem to square with the CVI and Participation Index on big climactic readings. Today's readings were climactic, especially climactic on the Net A-D. I would look at this as a likely initiation. Meaning, we should see some follow-through on today's move.


Short-Term Indicators: These indicators look good. They actually are showing a bullish divergence right now and they have plenty of room to rise higher.

Conclusion: The short term looks quite favorable for a few days more, possibly into Friday. IT indicators are not bullish enough to expect a longer-term rally.

3/27 Ultra-Short-Term Indicators: No climactic readings on the CVI and Participation Index. These two indicators will be discontinued next week, but the Net advances-declines will serve us well on identifying climactic activity. Note that the last CVI/Participation Index - DOWN spike was replicated quite nicely by the net A-D and net A-D volume. The VIX broke well-below the bottom Bollinger Band. I suspect today's rally was a good response, but we may see a follow-on bounce out of it.


Short-Term Indicators: These indicators have turned up in oversold territory. This is very encouraging. We saw a nice short-term rally after the last bottom on the Swenlin Trading Oscillators.

Conclusion: Looking at the indicators, we could see a bit of rally off the bottom of the declining trend channel, but I believe that declining channel will hold up based on the bearish intermediate-term indicators.

3/23 Ultra-Short-Term Indicators: No climactic readings to observe, but I do note that the VIX is still penetrating the lower band intraday. The early hours of trading today could've served as a rally 'pop', but I'd be looking for a temporary bounce along support around $232.50 tomorrow or next week.


Short-Term Indicators: Any rally off support won't likely take hold until we see these indicators begin to twitch or decelerate. For now they remain bearish in their decline.




Conclusion: Strong support is available around $232.50 and I suspect we will see a bit of a bounce there, but ultimately given the very bearish indicators in the short and intermediate terms, I wouldn't be looking for a new rising trend yet

3/22 Ultra-Short-Term Indicators: As you may have read, our ultra-short-term indicators, the CVI and Participation Index will be discontinued in April. Do not fret, I'm in the process of finding some more ultra-short-term type indicators to complement the VIX in this chart. At this point, there aren't any climactic readings to evaluate, but note the penetration of the lower Bollinger Band yesterday and today. This usually results in a rally 'pop' over the next day or two

Conclusion: The short and intermediate terms are very bearish right now. Indicators are trending lower along with price. New declining trend channels have appeared along with new ST Trend Model Neutral signals. Near-term support is close by at $232.50 for the SPY, but if that fails, we are looking at a corrective move toward $226. I don't like it. No sir, I don't like it at all.

3/12 Ultra-Short-Term Indicators: Not surprisingly, we saw very climactic readings on the CVI and Participation Index - DOWN. You'll note that typically when we get these readings, we see another day of lower prices, followed by an exhaustion and direction change. I am looking at these readings as "initiations" suggesting lower prices to follow over the next day, maybe two. The VIX did penetrate the lower Bollinger Band and that usually leads to a price rise, but we didn't see it close below. I think this supports the idea of one or two days of lower prices followed by a rally 'pop' of a day or two. Remember, these are very very short-term indicators.


Conclusion: Since the election, we have had rallies followed by a pause or slight trend lower and finishing with yet another rally. I think the shine is finally wearing off the Trump pro-business teases and of course, the Fed raising rates has likely added a weight making it more difficult to accomplish upward price movement.

3/20 Ultra-Short-Term Indicators: No climactic readings but the VIX is staying above its average suggesting some optimism which is bearish. I'm looking for a penetration of the upper band, but with the other indicators looking very bearish, it may not require it.


Conclusion: We've been seeing weakness in price movement, but short-term indicators were rising. Now that they have topped and the intermediate-term indicators are continuing lower, I would look for a break down of the rising trend channel very soon.

3/17 Ultra-Short-Term Indicators: Readings were elevated, but not climactic. The upper BB was penetrated and that usually suggests a decline to follow.



Conclusion: I'll admit it is a bit confusing. We have weekly PMOs rising and price holding above a rising trend channel on the weekly chart, but the intermediate-term indicators are bearish. The fact that short-term indicators are begin soften, I am looking for the current rising trend channel to be broken. Given the dichotomy of indicators, the breakdown will likely be a 'drift' not a price shock decline

3/16 Ultra-Short-Term Indicators: Yesterday's climactic readings expired today, leaving us with quiet readings. The VIX didn't test either of the bands today.


Conclusion: Short-term bullish indicators are tempered by the bearish intermediate-term indicators. Sentiment is bearish (see my article in today's DecisionPoint blog) and that suggests higher prices. With mixed messages in the various timeframes, I'm looking for more sideways movement or slightly rising prices to move ST indicators into overbought territory for a more bearish set-up

3/15 Ultra-Short-Term Indicators: Highly climactic positive readings appeared on both the CVI and Participation Index - UP. While this does have the earmarks of an initiation climax (initiation to higher prices), the VIX is troubling. It just penetrated the upper Bollinger Band which usually means a decline. It didn't close above that upper band, so there may be another day or two of higher prices based on the initiation climax. I don't think one rally day constitutes a buying exhaustion.



Conclusion: Short-term indicators remain positive and today's initiation climax on ultra-short-term indicators suggests a bit more upside. Meanwhile intermediate-term indicators are bearish as they drop. The last time these indicator tops didn't yield a correction and I suspect given today's rally on a rate hike that we won't get one yet. More than likely the market will begin moving sideways again.

3/14 Ultra-Short-Term Indicators: No climactic readings, but they are negative now. I don't see enough here to identify an exhaustion or initiation. The VIX is getting near its lower band, but hasn't pierced it yet.


Conclusion: Despite very bullish short-term indicators, price has not really responded. It has held onto the rising trend channel, but barely. The weight of the PMO SELL signal and bearish intermediate-term indicators should keep price flat at a minimum.

3/13 Ultra-Short-Term Indicators: Nothing intestesting on these indicators. We aren't seeing any spikes or climactic activity. The VIX is near its average.



Conclusion: Short-term picture is somewhat bullish given that price is maintaining a nice rising trend channel. Friday price bounced off support to keep the channel alive. Price could continue to hug rising bottoms support, but given the very bearish intermediate-term indicators, I would expect to see some drift, not a strong rally

3/12 CONCLUSION: Oversold and bottoming short-term indicators, along with a price breakout are evidence that the short correction is over. Also, intermediate-term indicators are not an obstacle to higher prices, so at this point I'd have to say that further price decline is unlikely. The fact that the Fed will probably raise interest rates on Wednesday provides some fundamental headwinds, but I think that the market has already digested that expectation.

3/10 Ultra-Short-Term Indicators: No climactic readings but we've moved from negative readings to positive readings. This is likely just a function of today's rally. The VIX is sitting on its average so it isn't telling us much


Conclusion: We may be seeing some positives in the ultra-short- and short-term indicators, but with new PMO SELL signals and very bearish intermediate-term indicators, I'm looking for more downside.

3/10 ------------------tna---------------------

3/9 Ultra-Short-Term Indicators: The Participation Index - DOWN still sports negative climactic readings. The CVI has backed off somewhat. The VIX is becoming very close to the lower Bollinger Band. A penetration of that band would call for a rally "pop". The Participation Index - DOWN suggests to me that a selling exhaustion is nearing. Remember these indicators are for a time frame of hours to a day or two. Meaning, the climactic reading is not calling for a new extended rally, rather a curtailment of this current short-term decline.


Conclusion: The short-term picture is starting to look somewhat less bearish. The ST indicators are slowing down their descent and seem to be preparing to bottom in oversold territory. IT indicators are still very negative so any rally "pop" next week so I wouldn't expect to see heavy bullish follow-through.

3/8 Ultra-Short-Term Indicators: The recent climactic readings are "initiations". They are negative climactic readings, so an "initiation" would mean more decline. The VIX is sitting near its average and consequently isn't providing any insight.



Conclusion: Indicators are bearish across the board and suggest this pullback will continue. Honestly, I think this pullback will morph into a correction.

3/7 Ultra-Short-Term Indicators: Definitely saw climactic readings on both the CVI and Participation Index - DOWN. We're in the middle of a decline so typically I would read this as a selling exhaustion. However, the other indicators are very bearish, leaving me looking for a bit more downside


.Conclusion: Climactic readings suggest we could see a rally 'pop', but more than likely we are looking at more downside with these readings simply confirming this short-term slide. Given the very bearish short- and intermediate-term indicators, I am now looking for a deeper decline or correction.

3/6 Ultra-Short-Term Indicators: We have a climactic reading on the CVI and a somewhat climactic reading on the Participation Index - DOWN. I would consider this an exhaustion of this current decline, but the VIX isn't where I'd like to see it for a good rally pop. We want to see it test the top of the upper Bollinger Band. Given that, I believe this is a continuation reading for the current decline to continue.



Conclusion: Indicators are collectively bearish. The new PMO SELL signal on the NDX and the top on the SPY's PMO (as well as the other DP Scoreboard indexes) suggest a pullback is on tap.

3/3 Ultra-Short-Term Indicators: No climactic readings today and the VIX closed above its moving average but remains mostly neutral. No information to be gleaned today.





Conclusion: The rally seems to have cooled somewhat but the rising trend channel is intact. The PMO is flattening out on the SPY's daily chart and intermediate-term indicators are turning over. However, short-term indicators topped and price didn't suffer. I suspect the rising trend channel will be breached, but it likely won't be a deep decline...most likely a pullback that would create a less steep slope.

3/2 Ultra-Short-Term Indicators: Yesterday's climactic reading came across as an initiation impulse but there was no follow-through on the rally. It may be an exhaustion or buying climax after all. Remember that these indicators are useful for the next few hours to a day or two. Yesterday's climactic readings were likely fulfilled by today's pullback/exhaustion. The VIX remains beneath its average with means there is a bearish bias among traders. If it gets too bearish (i.e. a close beneath the lower Bollinger Band), it is usually followed by a rally "pop". That's likely what we saw yesterday after the VIX closed beneath that band.

Conclusion: Indicators are moving more neutral. Ultra-short-term is neutral given no climactic readings and a VIX that closed near its moving average. Short-term indicators and intermediate-term indicators are all pointing down. Yet, short-term indicators are sitting in positive territory still and IT indicators haven't broken their rising trend just yet. Given the likely exhaustion gap, I would look for a test of the bottom of the rising trend channel on the SPY

2/28 LONG TERM MONTHLY CHARTS


http://stockcharts.com/articles/decisionpoint/2017/02/spx-and-oex---two-new-long-term-pmo-buy-signals---monthly-chart-review-of-dp-scoreboards.html


Conclusion: There is a clear bullish bias in the long term. It is visible on the DP Scoreboards available to review in the DP Chart Gallery. There are now two new LT PMO BUY signals. A review of the DP LIVE shared ChartList will show you that the 50-EMAs are securely locked well above the 200-EMAs. When the 50-EMA is above the 200-EMA DecisionPoint analysis considers that stock, index, ETF, etc. to be in a "bull market". Add the weekly PMO BUY signals and both the intermediate term and long term are bullish.

2/28 Ultra-Short-Term Indicators: No climactic readings, but we did see the VIX close beneath the lower Bollinger Band for the first time this year. I would regard this as ultra-short-term bullish. Look for a pop higher tomorrow or Thursday.


Conclusion: We're starting to see some possible deterioration to intermediate-term indicators. Short-term indicators remain very bearish, but with the VIX showing bearish leanings, I suspect we will be in for a short rally pop followed by more sideways consolidation. This "pop" won't likely be large and could occur at the beginning of the day with prices dropping to close lower by the end of the day. Just don't want anyone getting too excited. We haven't seen a serious correction or even pullback, but price and the PMO are turning over. But remember, the new Long-Term PMO BUY signal suggests a major correction isn't that likely. Yet, we know that price can take a serious hit and still maintain a long-term rising trend that keeps that LT PMO BUY signal intact.

2/27 Ultra-Short-Term Indicators: These indicators aren't giving us much information. I do find it interesting that the VIX has been congregating below its average, suggesting a bearish undercurrent. Being a sentiment indicator, if traders are nervous or bearish that indicates very short-term bullish environment.

Conclusion: The bullish winds are blustering and helping to hold up price. It let up last week, but today price broke out and set new short-term support (visible on 10-min. bar chart). The steep rising trend has been broken. This makes sense given the declining short-term indicators. With intermediate-term indicators still rising, I'd look for more sideways movement to establish a new rising trend channel and clear short-term overbought conditions.

2/24 Ultra-Short-Term Indicators: No climactic readings. The VIX penetrated the lower band again today but finished right on its average. Typically, a penetration of the bottom Bollinger Band on the VIX is followed by a rally


Conclusion: The bullish winds continue to blow. The intermediate-term timeframe is still bullish and will likely override the bearish short-term indicators by preventing a corrective move and instead lead the market sideways

2/23 Ultra-Short-Term Indicators: Yesterday's climactic readings signaled a possible downturn or at a minimum, a pause in the action. The pause is what we saw.


Conclusion: Although short-term indicators are configured negatively, the very bullish intermediate-term indicators suggest that rather than a correction, we might see more sideways movement or a brief pullback. I know we all are watching these steeply rising trend channels and wondering how much higher can it go before declining?


I believe the key lies in the intermediate-term indicators. When we start to see deterioration there, it'll be time.

2/22 Ultra-Short-Term Indicators: Yesterday's climactic readings signaled a possible downturn or at a minimum, a pause in the action. The pause is what we saw.


Conclusion: Although short-term indicators are configured negatively, the very bullish intermediate-term indicators suggest that rather than a correction, we might see more sideways movement or a brief pullback. I know we all are watching these steeply rising trend channels and wondering how much higher can it go before declining? I believe the key lies in the intermediate-term indicators. When we start to see deterioration there, it'll be time.

2/21 Ultra-Short-Term Indicators: As noted in today's headline, our ultra-short-term indicators were hit with climactic readings. These readings are arriving during a strong rally. By my DP rule of thumb, I see these readings as emblematic of a buying exhaustion. Admittedly I've been calling most readings after the initial positive spikes buying exhaustions too. The last one was followed by Thursday and Friday's cooling period. Remember these indicators are very short-term, meaning they track to hours to days.

Conclusion: Short-term indicators suggest a decline or pullback is imminent. Given the bullish intermediate-term indicators, I'm not expecting a correction; more likely a small decline or consolidation. This somewhat manufactured rally is concerning. There will likely come a time when bullish exuberance will wain as buyers dry up.

2/17 Ultra-Short-Term Indicators: It appears our climactic readings were right on about a buying exhaustion. Price evened out to finish the week. The VIX is back in the middle of the Bollinger Bands so it isn't providing any useful information now.


Conclusion: Indicators suggest the longer-term rising trend will continue, but short-term indicators portend rough waters before support is reached.

2/16 Ultra-Short-Term Indicators: No climactic readings today, but the VIX did penetrate the lower Bollinger Band today. It still closed above, but notice where these breaches usually occur on the price chart. We could see a small advance after all.


Conclusion: A buying exhaustion seems imminent, but it may not materialize in a deep decline. The sudden bullishness of the VIX suggests we could see price rise a bit more. The short-term indicators are so bearish that I would expect a correction, but with intermediate-term indicators so bullish, it shouldn't be too deep.

2/15 Ultra-Short-Term Indicators: More climactic readings. In fact, they are higher than yesterday. I had thought we would see a similar price reaction as we did in December after its largest climactic reading, sideways price movement. I am still under the assumption that these readings are exhaustion climaxes, but we may have to wait another few days for the reaction. We're now looking at prolonged positive climactic readings like we saw in November and the end of June. Despite another strong rally, notice that VIX readings are getting higher which puts them closer to the lower Bollinger Band (remember my chart shows the VIX on an inverted scale). I think this is the sign there may be some problems under the surface.



Conclusion: Short-term indicators are overbought and ready to decompress. The easiest way for them to do this would be a decline. However, with the very bullish bias in the intermediate term, we could be looking at consolidation rather than a deep decline or correction over the next few weeks. For the pessimists out there, this does have the earmarks of a parabolic rise on the daily chart and those patterns usually end very badly and leave little time to get out safely. Yet with such positive IT indicators, I would expect a rebound to keep the longer-term rising trend intact.

2/14 Ultra-Short-Term Indicators: Readings were climactic but lower than yesterday. I still believe those climactic readings are warning us of a very short-term buying exhaustion.



Conclusion: Short-term indicators are suggesting a buying exhaustion is lining up. At the same time, intermediate-term indicators are looking quite bullish which suggests this rising trend should continue despite some short-term pullbacks or a correction.

2/13 Ultra-Short-Term Indicators: Climactic readings continue. At this point, they are very high readings indeed. Given the nearly straight up rally preceding these readings, it looks like these climaxes are exhaustions. I'm expecting sideways or lower prices this week. The VIX is healthy, not overbought/oversold, so it may take another day or two before we see the exhaustion.


Conclusion: We've gotten very high climactic readings on our ultra-short-term indicators and short-term indicators are getting overbought. There may be a bit more rally to be eked out before a pullback, but I would expect to see prices reach about 228 for the SPY. IT indicators are turning back up, but haven't quite shed the declining trend they are in, so I'm reluctant to move too bullish in that timeframe (weeks to a month or two).

2/12 What Happened to the Correction?

http://stockcharts.com/articles/decisionpoint/2017/02/what-happened-to-the-correction.html

2/10 Ultra-Short-Term Indicators: We got climactic readings again on the CVI and Participation Index - UP. About the same level as yesterday. This has the feel of an exhaustion climax. The reading came after another rally and on three days where price was higher. It may take a day or two to blow off, but I'm expecting a decline



Conclusion: On a rally that reached new all-time highs, you wouldn't expect to see deterioration in the short-term indicators. The intermediate-term indicators are turning around, but if short-term indicators are prescient, I would expect IT indicators to resume their decline soon along with price.

2/9 Ultra-Short-Term Indicators: Today we finally got some climactic readings on the CVI and Participation Index - UP. I do note that these readings are not as high as the previous highs (I only annotated a few recent tops) on a rally burst. I suspect this is an exhaustion, or will prove to be in the next few days.


Conclusion: It's getting more and more difficult to determine whether market behavior is organic or reactionary. I've been leaning toward reactionary and I think today's trading as well as a few other rally bursts prove this. Indicators are mixed, but I believe we are looking at a price exhaustion on the rally given ultra-short-term climactic readings. Current short-term indicators are rising which is positive, but they are reaching previous highs, meaning the market could be vulnerable to decline. The bearish rising wedge certainly agrees, but IT indicators are rising again, as well as the PMO. The picture is murky and surprise presidential tweets or announcements only muddy the waters further.

2/8 Ultra-Short-Term Indicators: No information to be gained from these indicators today. VIX is quietly traveling along its moving average. The Bollinger Bands keep contracting. The last two times the VIX was in a tight trading range, it ended poorly.


Conclusion: The very short-term island has formed off what appears to be an exhaustion gap. Typically these will resolve downward if the gap truly is an exhaustion gap. Given the sideways trading since the gap, it has the earmarks of an exhaustion. Short-term indicators are rising which is bullish, but a likely exhaustion on the daily chart leaves me skeptical. If intermediate-term indicators are correct, the rising wedge should execute soon.

2/7 Ultra-Short-Term Indicators: There is absolutely nothing helpful on the ultra-short-term indicator chart. No climactic readings and a VIX trading on its average.



Conclusion: Indicators are softening in the short term and the intermediate term looks bearish. Although indicators are rising in the short term, they look like they want to turn over and given the bearish intermediate-term indicators, it's time to start looking for a decline.

2/6 Ultra-Short-Term Indicators: I'm starting to think that I misidentified Friday's climactic readings as initiations. Granted it can sometimes require a day or two of 'shake out', but this looks very similar to the last island reversal pattern. Add to that the negative divergence and bearish confirmation of the OBV, this looks more like an exhaustion climax, not an initiation.


Conclusion: Indicators are mixed in my opinion. I could buy into an upward price initiation out of the ultra-short-term climactic readings and bullish spinning top and given the short-term indicators are on the rise. But the inside bar and likely exhaustion gap/island reversal set-up keeps me from buying into it. Intermediate-term indicators are declining and continue to suggest a possible corrective move or at a minimum more mostly sideways trading.

2/5 Net Cash Flow Going In Wrong Direction


http://stockcharts.com/articles/decisionpoint/2017/02/net-cash-flow-going-in-wrong-direction.html

2/3 Ultra-Short-Term Indicators: The CVI and Participation Index - UP both had climactic positive readings, the quest is whether it is an exhaustion of the rally or a breakaway gap initiating higher prices. This was a tough one for me, so I went to my default "rule" that the climax is determined by the previous trend from the last climactic reading. In this case that would be a declining trend, so this should be an initiation to higher prices. As I told my webinar viewers today, don't get too excited. These indicators tell us what to expect in the next hours to days


Conclusion: The short term is looking up somewhat, but intermediate-term indicators are still in a declining trend. I'm looking for a small advance next week but after that likely more sideways movement.

2/2 Ultra-Short-Term Indicators: Nothing interesting on these indicators. The Bollinger Bands are getting even tighter so penetrations of the top or bottom have less significance in my opinion. It's just too easy for them to spread out within the bands with little volatility.



Conclusion: Indicators are leaning bearish in all time frames. The bearish wedge should execute soon. If it does look for support at $223 and $217 for the SPY.