I don’t want to beat a dead horse on the bearish case but wanted to pass along this “Daily 13” pending sell signal from Tom DeMark (a notable market technician) as it meshes well the current Bull-Bear Sentiment Extreme sell signal that I posted last night (yesterday’s arrow was the 2nd in a recent cluster, providing a rare & historically effective major sell signal).
(click this link if you are unable to view the imbedded video posted above)
For those who do not share my cautious & longer-term bearish outlook right now, I have mentioned that there have been quite a few bullish technical developments over the last few weeks and I plan to put together a video over the weekend discussing both the bullish and bearish scenarios. As far as the trade ideas, there are still plenty of short-side setups and active trades, many of which are once again offering objective add-ons as they’ve bounced back to former targets/resistance areas. I continue to search for long-side trade candidates offering strong risk/reward profiles but those have become increasingly difficult to find based on my interpretation of the charts. As such, most of the long setups that I’m finding are in need of at least a modest pullback to support or to work off the near-term overbought conditions before providing an objective entry and will be posted accordingly.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]