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.
Friday’s action is the kind that can help us move from Panic all the way to Euphoria –- let’s see if we can get it there.
Don't fuss over the S&P's rise to 3000, but know that the biggest challenge now is sentiment, which shifted decidedly this week -- also, the number of stocks making new highs is not faring fantastically, either.
With the employment numbers due at week's end, and the S&P 500 up five-straight days and the Nasdaq up six, Friday looks like a coin toss -- but a down day should cool off some of the newfound bullishness.
The bears from a week ago are capitulating, and now look how many have jumped over the fence.
Look no further for proof than the Daily Sentiment Index for Nasdaq, which tagged 90 Tuesday, the S&P 500 at 88 and the Volatility Index, which has dropped to 17.
The rally has given little to gripe about, and one poor day of breadth shouldn't ring alarm bells ... so long as it doesn't continue.
Some are calling this 'the most-hated bull market,' but yet we just saw the Citi Panic/Euphoria Model get to Euphoria two months ago.
As good charts can turn bad and vice-versa, we should look to sets of indicators to chart the market's movements -- and the indicators didn't change drastically from Friday's action.
Getting to intermediate-term overbought around mid-July still looks likely, as Friday’s statistics showed little change.
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