Market Timing Brief for the SP500 Index Close on 4-04-2014: Now a Failed Breakout

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):

SP500 Index having a hard time making and holding a new high.  This is a failed breakout.

SP500 Index having a hard time making and holding a new high. This is a failed breakout.

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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Standard Disclaimer: It’s your money and your decision as to how to invest it.

I also comment regularly on Twitter: Follow Me on Twitter

I thank Worden Brothers for the chart system I use to post these charts.  If you want to know more about the charting system I use every day, go to my “Other Resources” page here:  Other Resources   It makes it much easier to follow along with me if you can see the charts and manipulate them on your own computer, so it’s a great investment to have an excellent charting system.

Look for updates this week as needed via Twitter.

Copyright © 2014 By Wall Street Sun and Storm Report, LLC All rights reserved.

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