I expect churning into month-end.
click chart to enlarge
Category: Tides
Weekly Update
Stall Before the Fall?
Stocks are on hold waiting for whatever the FED may bring tomorrow. Internals are weakening, and my bias is bearish.
click chart to enlarge
Who’s Driving?
Are the central banks regaining control of the runaway bus? An expanding Bank of Japan balance sheet in dollar terms does wonders for equity market health. And yet, various central banks tricks seem to come with an expiration date beyond which their effectiveness is sharply diminished.
click chart to enlarge 
click chart to enlarge
Levels to Watch
Weekly Update
click chart to enlarge
This rally has seen some impressive stats, but the S&P breadth oscillator is not one of them.
Oil vs Yen
Oil and dollar yen are trying to pull stocks in different directions. Oil is winning that battle short-term, but this oil rally comes with a likely expiration date.
click chart to enlarge
On the Nature of Tops
There’s quite a bit of short-term upside momentum present. If a top forms now, it will need to be a spike-type reversal. Now my general observation is to expect spike lows and rounded tops in bull markets, and spike tops and rounded lows in bear markets.
A spike top now will benefit the bears as it helps confirm the nature of the larger trend.
click chart to enlarge