On June 1 I called for a potential market top and
reversal. The short term top came one day later with a minor decline on 6/3 but
renewed strength the rest of the week. There is obvious strength in the markets
but then not all reversals come as one day events. As we enter next week I am
again signaling trend change warnings for all markets and actual sell signals
for the Russell and NASDAQ.The rate of advance has slowed and we are due for a
multiday decline.
As I mentioned before, it may take some major
bearish news to change the current positive sentiment and stimulate the
reversal. There are no major economical events until Retail sales data on
Tuesday and most economic data is improving so the impulse could be a
geopolitical event. My work still shows the most profit potential on the short
side.
Jim White
Pivot Research & Trading
Co.
PivotTrader.com
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