Saturday, September 30, 2017

Extreme Greed │ Stock Market Indices At or Near Major High

On Friday, Sep 29th CNN's Fear & Greed Index signals Extreme Greed.
: CNN Fear & Greed Index
The VIX Index is on day 11 of 13 with a downside DeMark Countdown.
This should bottom next week and react upward after the signal (HERE)

Dana Lyons (Sep 29, 2017) - Back in late July, we witnessed a barrage of U.S. stock indices breaking out to all-time highs. While large-cap indices had steadily been hitting higher highs all year, several other indices were just breaking out above 6-month trading ranges [...] however, what looked like a convincing, broad-based breakout wouldn’t last. Within weeks, most indices had dropped back below their respective breakout levels. For the small, mid and broad-based stock indices, this represented a false breakout and triggered a move back down to – or below – the bottom of the former 6-month ranges. That was the bad news. The good news is that these broad averages saw that false breakout – and they raised it (literally) a false breakdown. In fact, following a break below the low end of the trading range spanning the 1st half of 2017, the broad market has come back with a vengeance. And on Wednesday, we witnessed another breakout to new all-time highs on the part of these broad averages. And this breakout has been accompanied by an arguably healthier set of internal conditions. 

Barry Rosen (Sep 29, 2017) - Market should be getting ready of first of month stock buying on Monday but we are very close to key stock market high [...] We’ll probably have to rebuy Sunday night/ Monday with first the month buying likely to come in and lift the market up to 2519-22 early next week. Cycles for the US are complicated [...] Looking at next week, the October top could come in as soon as Monday with Oct. 6 being a secondary high. The weeks of Oct. 8-20 are the ones that look more like the market will be in trouble [...] Pullbacks into October may only go to 2405 and then the next push up would go to 2580. Not going to top-pick this market. CYCLES OVERVIEW: Lower Friday; higher Monday; lower Tuesday; secondary high by Oct. 6 (see also SoLunar Map HERE).
Source: Tom McClellan