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Market Remains Tentatively Bullish

Today we will let the charts do most of the talking. Below are updated versions of charts we have posted in the last ten days or so with some brief comments.

Market breadth continues to show bullish improvement from an intermediate-term perspective. (See original chart in this post.)

$NYSI (NYSE Summation Index (Ratio Adjusted) EOD)) INDX

The ratio of "greed to fear" closed below two of the blue support lines below, but it still remains in a short-term indecision pattern (see green box). The ROC and Wm%R show the momentum for fear peaked around April 9 and has not shown considerable strength since then (red circle and orange box). (Original chart)

$VIX:SPY (Volatility (NEW)/S&P 500 SPDRs) INDX/NYSE

Tuesday's session ended in a weak manner. The moving averages below should spark some interest from buyers should we revisit the 1,380 to 1,390 range (green arrows). (Original chart)

$SPX (S&P 500 Large Cap Index) INDX

The S&P 500 has moved into the "white space" in the chart below, but Tuesday's bar shows indecision at these levels. (Original chart)

$SPX (S&P 500 Large Cap Index) INDX

Commodities have two decent looking candlesticks above the pink support line, which is encouraging, especially if it can hold into week's end. (Original chart)

$CRB (Reuters/Jeffries CRB Index (EOD)) INDX

The German DAX remains above the intersection of the pink trendlines, which leans bullish longer-term as long as the levels are not breached on the downside. (Original chart)

$DAX (German DAX Composite (EOD)) DEUT

 

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