Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
The market has been following the script for losing momentum over the past week.
It's starting to shift, so let's look at the Investors Intelligence bulls and some other key indicators.
Breadth appeared healthy on Monday and the new lows on the New York Stock Exchange were encouraging -- we might even be up Tuesday -- but this chart is stubborn.
But the short-term overbought reading should lead to a market pullback, and that should be followed by another rally attempt.
I believe the final two days of last week when the market did a lot of meandering is the result of this short-term overbought condition -- and then there's the overhead resistance.
Sign up to get started or log in to see your watchlist.
Enter a symbol above to add it to your watchlist.
A confirmation email has been sent to the address provided during registration. Please click on the appropriate link to confirm your email address.