Uptrend is still intact.
CPC shows that bulls are buying dips aggressively.
Expect a rebound at least tomorrow morning.
|Trend||Momentum||Comments - Sample for using the trend table.|
|Long-term||Down||Idea for trading intermediate-term under primary down trend.|
|Intermediate||Down*||Neutral||Sell signals not confirmed yet.|
No tech damage caused by today’s sell off. Just take a look at 0.0.0 Signal Watch and Daily Highlights to “feel” a little bit the changes made today by the market. Sure, 0.0.3 SPX Intermediate-term Trading Signals has generated a few sell signals so the trend table’s “Intermediate Trend” has changed to down from up, but these sell signals still need further confirm. Theoretically, as long as the SPX 878 hold, the uptrend is intact.
7.0.6 SPX and CPC Divergence Watch, noticed a very interesting thing today as both CPC and SPX were dropping together. This means that many bulls were buying the dips. The previous 2 times when both SPX and CPC were down, the next day was up huge. Now it’s the 3rd time, will the 3rd time be different?
3.1.1 PowerShares DB US Dollar Index Bullish Fund (UUP 30 min), overbought, could pullback, this sure helps the market to rebound.
Also 2 short-term indicators form www.sentimentrader.com are arguing for a rebound tomorrow.
2 charts to watch:
3.1.0 PowerShares DB US Dollar Index Bullish Fund (UUP Daily). Does the US$ breakout mean a further pullback of the stock market as well as the commodity market?
7.1.3 Major Accumulation/Distribution Days, the previous 3 potential follow-through Major Distribution Days were all cancelled by a Major Accumulation Day. Will the 4th time be different?