I think it’s time to have a correction

This is a weird one. My indicators are choppy. The election implies higher prices, but I feel like the powers-that-be are less inclined to do what it takes to maintain the status quo.

The VIX is mixed, but more Bullish than Bearish. For now.

Breadth is positive.

M

Last weekend's market summary..FWIW:

"So with the BETS losing 5 points to a reading of +55, environmental market conditions remain friendly to the bulls. As we start the week ahead the majority of the breadth McClellan Oscillators are near or at their zero lines with the NASDAQ 100 index being the strongest at +28, while all of the volume MCO's are all in positive territory with the lone exception of the Dow Industrials which is at -3. This continued strength in the volume MCO's has now pushed many of the corresponding McClellan Summation Indexes to their highest levels since early January. Any break above these same January levels would then be a highly bullish event that will likely take prices even higher into the 1st quarter of 2025. The NYSE Open 10 TRIN finished the week with a near neutral reading of .94, while the NASDAQ Open 10 TRIN cooled quite a bit from its deeply "overbought" readings of earlier in the week to finish at .79. The 10 day average of both CBOE and Equity put/call ratios remains heavily on the call side, while put volatility pricing has eased from last week's higher premium. All in all then it would appear that the week ahead will continue to have a bullish bias as we conclude with this month's OPEX event on Friday. Because of this let's continue to walk the bullish path of least resistance for the week ahead, while remaining on the disciplined side when it comes to taking any new long positions due to the length of time this current advancing price sequence has taken."

Thank you.

Last weekend's market summary..FWIW:

 

"So with the BETS losing 5 points to a reading of +55, environmental market conditions remain friendly to the bulls. As we start the week ahead the majority of the breadth McClellan Oscillators are near or at their zero lines with the NASDAQ 100 index being the strongest at +28, while all of the volume MCO's are all in positive territory with the lone exception of the Dow Industrials which is at -3. This continued strength in the volume MCO's has now pushed many of the corresponding McClellan Summation Indexes to their highest levels since early January. Any break above these same January levels would then be a highly bullish event that will likely take prices even higher into the 1st quarter of 2025. The NYSE Open 10 TRIN finished the week with a near neutral reading of .94, while the NASDAQ Open 10 TRIN cooled quite a bit from its deeply "overbought" readings of earlier in the week to finish at .79. The 10 day average of both CBOE and Equity put/call ratios remains heavily on the call side, while put volatility pricing has eased from last week's higher premium. All in all then it would appear that the week ahead will continue to have a bullish bias as we conclude with this month's OPEX event on Friday. Because of this let's continue to walk the bullish path of least resistance for the week ahead, while remaining on the disciplined side when it comes to taking any new long positions due to the length of time this current advancing price sequence has taken."

 

Hard to find an example for a correction in a strong earnings-reporting time ............................

SPX RSI is headed back down to center line. Will it find some support near there?

SPX BP is headed down after topping Sept 30.

SPX MCO tight but turned down.

At least Boeing stock is coming down to earth! LOL!

The satellite's breakup left some customers without power or communications services. Intelsat said it is working with third-party providers to limit service interruptions, and is in communication with customers.

Edited by Rogerdodger, 23 October 2024 - 03:02 PM.