End of party :?

The market continues to ignore divergence though as you know every party must come to its end and I believe the current rally is approaching that step.

Take a look at the 60 min SPX divergence. We do need to back off a little , to charge power , if this market wants more upside.

Bar Mitza for the DOW

Well , at the moment the Dow Jones industrial average crosses the 13,000 level and celebrating

Bar Mitzva (When a Jewish boy reach 13 years old). This situation when the market ignores overbought area , is quite destructive for Technical analysis traders. That's why I become neutral at the moment and waiting for the dust to be settled.

Performance

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Huge rally more to come?

Not sure about that....

This negative divergence appears also on the NDX 60 min chart.

Plus take a look at Friday's NDX movement. open at huge gap up
and closed way below the open. The first hour candle is also bearish one.

Stop Hunters

Take a look at this stop swapping and then immediately going back to range. Since my last post
Which indicated a bearish sentiment - the NQ - NASDAQ 100 futures is traded -0.8% lower and Still there is more room to come.










and thats the way it looks like in daily chart.

Going up ?

Generally the blog will concentrate on swing trades - 2-5 days trade and will
move from one sentiment to the other.

Hopefully, if the sentiment would long more than few days , we will take advantage of it.


The US market seems to be lacking more gain at the moment. Take a look at the NDX chart.
Negative divergence usually signal a turning point. I would Watch for bearish sentiment.