Last week, I said that Summation and ITBM are both looking pretty iffy, and the set-up for a decline was manifest. During the week, the message board FL/FS flashed a very strong Sell with essentially an infinity reading. It is now spent, but that said it may have some Bearish impact. The Summation is Bearish but unconfirmed as is ITBM. The big problem here is that despite having a great set-up from all the sentiment, our trend indicator has not turned down and in fact improved on Friday. Further, ISEE fell big and hard on Friday night triggering a ST Buy. Since every support level has held so far, I'd say that if we get some weakness, it will stop at support and then we can look for another rally attempt. The daily MACD has also issued a "Best Fade" Buy signal as well. We know that this market has structural buyers, but all the caveats from last week still hold. If this market comes apart for some reason, it could get really ugly. Watch for support that should hold breaking (of course, expect it to hold until it doesn't). My call for the week is for a decline on Monday (if support levels don't hold, "Katy, bar the door!") into Tuesday and then a rally into Thursday and chop sideways through Friday.
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