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One way street

Posted by Dan on March 26, 2012

The markets remain in a one way street and continue to display strength.
Our lunar Green Period will be ending today, so I am looking for market weakness in the next couple of weeks.

Let’s have a look at the current S&P 500 chart (click for larger image):

S&P 500

The market is testing the upper boundary of its long term rising trend channel. Meanwhile my Earl momentum indicator shows a very large bearish divergence and has just turned down. Some kind of correction is probably imminent.
I would look for a drop towards 1350, then probably a rebound and possible double top in April.

Stay tuned, Danny

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