sp'60min
Summary
At the current rate, we'll see a bearish MACD cross in the closing hour.. or at the Monday open. It does bode slightly in favour of the bears.
Yet.. price action is little different than across the past few weeks. There is no sig' downside power right now.
If you believe Oil will manage to continue clawing upward to next resistance in the $44/45s, then it is reasonable to assume equities will at least 'hold together' until such time.
On that basis, I'm still holding off... although when I see things like TVIX jump from $5.28 to $5.53 in just a few hours, it does make me twitchy.
--
notable weakness... CAT, daily
Having climbed from the $56s (Jan 20th) to today's $76s... CAT is really starting to look tired. The underlying economic problems in the mining/energy sector remain key.. and CAT looks vulnerable.