BRIEF UPDATE ON THE BROAD STOCK MARKET (2:00 pm EST)
It looks like the broad stock market could be rounding over and forming a top this week, but there was no intermarket bearish divergence between our major indices (DOW, S&P 500, NASDAQ). We are now out of our reversal zone, but we move into another (weaker) one late next week. It's possible a top could form then. I am not comfortable selling short right here so we will remain on the sidelines for now.
It looks like the broad stock market could be rounding over and forming a top this week, but there was no intermarket bearish divergence between our major indices (DOW, S&P 500, NASDAQ). We are now out of our reversal zone, but we move into another (weaker) one late next week. It's possible a top could form then. I am not comfortable selling short right here so we will remain on the sidelines for now.
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