Market: Ndx and Naz approaching sell signal again. Not there yet. Could get darn close today. But have to say Sox is there with any green today. Dow and Spx, however, are nowhere near sell signal. More towards buy than sell. So interesting divergence. Short term sentiment is more bullish than bearish at this point. So, my take is that any decline in the Naz and Ndx will be short lived with this sentiment backdrop. The short term sentiment backdrop is important here. I see Ndx 1523-1526 as resistance to any up move. That is the Feb. high and the upper bb on the weekly. Max pain supports this idea as well. Again, intermediate term sentiment has turned bearish.
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