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Tuesday, May 01, 2012

Sell Signal Waning Again

It looks like the bears just don't get their ways. The bulls had enjoyed 6 months of stellar gains, while all the breaks the bears get are just that, breaks.   As the sell signals are flickering (waning) again, it looks like the bears will have a sideways market to look forward to at best, as the sell signals continue to whipsaw over the last 2 months.

As of the close yesterday, $BPCOMPQ is slated to cross over to the upside.

And buydonthold.com is "nearing a BUY signal as market reverses direction.".   Bears have to pray hard!

As far as the SPY daily, the price did reverse a bit on the 23.6 Fib.  The volume has been weak on the buying side.  STO is overbought (not shown).  RSI is 55 but declining.  MACD crossed up but declining.  All these are consistent with the signal -- flickering.   Near the bulls nor the bears have the all-clear go ahead.

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