For the past few weeks I have been providing you with the chart below, because, as I have been saying for eternity now, the market is looking prime for a pullback of some kind. Despite the market being closed today, it still managed to rally in the futures markets off of the unemployment report that didn’t meet expectations. This week, the stochastics that is overlaying the weekly NYSI Advance/Decline of stocks, shows a major sell-signal, which is exactly what I did this week, by selling my positions in Barnes and Noble (BKS) and UGI Corp (UGI), and in the process of that, picking up some shares of the ProShares USD (UUP). As you can seen in the chart below, I am gravely concerned with the bearish divergences that we are seeing in the NYSI stochs and the RSI, while the S&P, on a weekly basis, is making new highs. Clearly this market is looking tired, and I have to question whether this market has what it takes to really move any higher.
Click Here to See the NYSI Overbought/Oversold Market Indicator.
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