- The rally from the 2009 low is aged
- The risk that price is reaching a Major Top is getting high
- SPX has a potential ending pattern in progress.
- On Friday we had a reversal candlestick in the Internet ETF (FDN): high beta names like FB, GOOGL, LNKD, TWTR and IWM, while XLE remains weak, but we need to see real weakness in SPX and NDX in order to adopt a bearish stance.
- Breadth is overbought (NYSE Summation Index)
Monthly time frame:
- The month of February ends with an impressive performance
- There is nothing bearish in this time frame
- As long as we don´t have a monthly close below the 10 ma which today stands at 2004 the trend remains firmly up