A Market Timing Report based on the 4-04-2014 Close, published Sunday April 6, 2014
The SP500 Index (SPX, SPY) broke out after Dr. Yellen jawboned on monetary policy and then the market gave it all back, failing a breakout as shown on the chart.
Here’s the SP500 Index Chart (click to enlarge):
This is not a significant SELL signal with our longer term perspective here, but it’s an opportunity for short term traders and also for shorts attacking Facebook (FB) and grossly overvalued stocks like it.
You can see that there are numerous support levels to which it could retreat. My sentiment analysis gives us some insight into the depth of the next move upon considering this week’s and last week’s data and is found in the free issue here:
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