So with these mixed signals, we'll have to wait and see how things go next week as we continue to look for our next chance of a tradable top sometime after the mid October period.
Well, we had another mixed week with the US markets as the large caps clawed their way back up to their September 14th price highs, while the mid and small cap indexes continued to try to hold the line at their 20 day EMA's, and the NASDAQ marketplace finding itself somewhere in between the two.
On a positive note, the DAX and FTSE advance/decline lines both moved sharply into new high territory, while the Aussie advance/decline line finally broke above its intermediate term declining tops line on Tuesday. The NYSE Bond CEF, Preferred, and Specialty advance/decline lines also continued to see good gains as well, while the NYSE Composite advance/decline line came within 153 net advancing issues short of its all time highs at the end of the week.
On a negative note, the NYSE REIT and Precious Metals advance/decline lines remain soft but constructive, and the NYSE Common Only advance/decline continues to struggle in its broader attempt to break out to new highs.
So the bottom line for this week is that we continue to get signs of a maturing advancing trend, and unless fresh funds start finding their way on the buy side soon, we might be in store for a more lengthy corrective process that could begin in the next two weeks and might last into the end of the year.
But for now, we'll follow this week's BETS indicator reading of +50 - "hold with a bullish bias" - until proven otherwise.
Have a great week of trading!
US Equity Markets:
US Interest Rates:
US Real Estate: