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The markets have a way of maintaining themselves, and that is through corrections. I believe we have started a few 'corrections' now. Any pain from these corrections should be short lived this week, since the markets are actually closed Friday in the U.S. Today is the last trading day of the week. Lets take a look at the markets.
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SPX - I have been pointing out this rising bear wedge for a while, expecting a correction. I believe that it has started.
The Dow looks the same
Read MoreIf you've heard of 3D Printers, raise your hand. Not a whole lot changed in the markets Tuesday, so after a quick review, this is one area that we'll discuss today...
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SPX - No Change in my outlook from the past few reports. I expect that this daily cycle is topping.
Read MoreThe weekend report discussed Turning Points. Though I have laid out my big picture expectations, I also mentioned that at turning points it is important to continue to examine clues from an unbiased view point. Sometimes subtle changes at turning points can either alter the bigger picture or confirm it. I discussed a few changes developing in my weekend report, so lets continue to examine any clues that may appear.
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SPX - Our run higher still resembles the run higher last fall in many ways. I am expecting a dip down into a DCL soon, but the move out of that daily cycle low is going to be important to watch. It is not time to short this market yet. As the market rises , I see a bearish wedge and lighter volume. We wait for the dip.
Usually at tops (even temporary tops) , the VIX gets down near $12 -$13. Spikes higher in the vix can lead to bottoms, and a spike lower can signal a top. The vix is low enough, but a spike lower would probably signal a temporary top.
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