Break Out or Blow Off?: Daily Market Outlook (SPY, DIA, IWM)
Daily Market Outlook from Wall Street Sector Selector: October 5, 2010?
Instratrader Indicators:
Red Flag: We Expect Lower Prices Ahead
Daily Technical Sentiment Indicators: Neutral
Short Term Market Condition: Overbought (short term bearish)
Short Term Trend: Down
Today was a sharp rally right into resistance at 1160 on the S&P 500 which is at the May highs and the top portion of current resistance. Action was fueled by a better than expected ISM Services report and monetary loosening from the Bank of Japan.
Tomorrow comes the beginning of the employment reports with the ADP Employment Change report, followed by earnings season starting in earnest on Thursday with Alcoa.
We are at the point now where the question, “break out or blow off” will be answered in short order. Sentiment, momentum and breadth would point away from “break out.”
Disclosure: sef, sh, vxx, spy put option
Read more at Wall Street Sector Selector
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