This market is anything but cut and dry. For instance, within this single chart we find some broader market indexes above their supportive moving averages and some below them. Lateral support is mostly intact with the all-important (supposedly) Transports putting on a hard test of support. None of these items have made a higher high to Q4 2015, which has been our final bear trend parameter. However, you will note that the bulls have broken cumulative NYSE Advance/Decline to new highs.
What’s more, we are entering the supposed ‘sell in May’ bear seasonal. But ‘buy in November’ did not work out for the bulls, so… like I said, it’s anything but cut and dry and to me arguing for staying close to the vest and taking profits/limiting losses until this thing chooses a direction.
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