7/1/2014 9:04:38 AM
Good morning Traders,
As we move past the end of the quarter, we've seen the SPY hang near highs and the Nasdaq break a bit higher in its broadening top pattern. That being said, the pattern of the barometer has been declining.
Our next key reversal date is mid July.
Looking at our monitor of the individual investor moving into the market, we are seeing a climb that is approaching a level where we would suggest a top is closing in.
We'll be patient here, taking positions with our hedging model when they trigger. And as always, maintain your stops to limit losses.
In the bigger picture, volume is starting to turn bearish:
Regards,