Market Outlook

S&P500 daily chart shows a megaphone wedge.

A common pattern in various markets these days which exemplifies current market sentiment : a volatile battle between buyers and sellers and only one side will win.
 
Quote from GrandSupercycle:

S&P500 daily chart shows a megaphone wedge.

A common pattern in various markets these days which exemplifies current market sentiment : a volatile battle between buyers and sellers and only one side will win.
More...

It is also characteristic of market tops, but unreliable by itself.
 
Quote from GrandSupercycle:

MARKET OUTLOOK USING T/A


DOW weekly chart shows a likely risng wedge and my USD weekly and monthly indicators still warn of a dollar rally.

So I urge caution.
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As long as you include the word "likely", as you did, I think you are OK. This is, however, a very unreliable observation at this point. Furthermore the Chinese interest rate announcement is "likely" to give a further boost to the US market, whereas Chinese stocks may take a mild hit.
 
DOW weekly chart rising wedge is still valid and when confirmed it
may signal the top is in.

USD has strengthened further.
Regular readers know the rest of my USD bullish mantra...

USD proxies I like atm are USDCZK and USDPLN.
 
USD strength continues and the impending Dollar rally approaches. This will be bearish for stocks, Euro, Aussie dollar and various commodities.

The very overdue equity correction gets closer and closer...
 
S&P500 daily chart posted at my blog shows extreme overextension contained within the megaphone pattern.

This pattern reminds me of Wile E. Coyote temporarily defying gravity after running off the cliff...
 
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