Overbought

The S&P 500 is heading towards that 1180 area I mentioned weeks ago, but it feels like the rally is on fumes. Volume is contracting, and momentum is diverging.

I believe that a pullback is imminent for the market, but how many hours are in an "imminent"? for now, I am going to be watching these key decision areas for signs of stalling out and a "potential" rollover.

Patience is key here!!!!!!!!

Next resistance

1180 for the S&P is the 127.2% external Fibonacci retracement, and the next level of resistance to respect.

Yesterday

No Surprise

No surprise the FED has said nothing new. I think keeping rates so low so long will come home to roost but what do I know. The economy is in a flat rate now and I think it will be like that for a long time.

FED Meeting

Remember upward bias of the market with the FED meeting today. I haven't looked at much as I am sick as a dog.

Out of commission

Out of commission with severe sinus attack and cold. This one is bad and i usually deal with one serious attack per year almost on call this time of year.






New highs for the SPY were hit last week, but as we can see on the chart, the volume is weak on this advance. This is not a bullish scenario, but trying to pick the top of this advance is going on about a year now, has been a fool's game, and an expensive one.

I believe a pullback is brewing, but what I believe has nothing to do with how the market will act. I'll wait for signs that the Bears are making a stand, and then look to get on board a continuation pattern, if it sets up.

the lame volume and grinding action in the market is making follow through and volatility non existent. If history is our guide, it won't last forever, it will only feel that way!
Until then, trade cautiously in this brutally choppy market.

Boring

Nothing much is going except for Oil. This structure has been in action for weeks but it finally went higher. I am really thinking that so early in the year and oil at this level doesn't sit well with those who are calling for lower oil prices. Most of you know I am a long term oil bull.

I will do some charts later to see what is the next level higher. We definitely need a close above $82.30 to scare the shorts out of this trade.