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Measures of Trend and Strength Fall

Over the past week, most of my core market health indicators fell, with the rest holding mostly flat. One thing of serious note is that the measures of trend fell sharply and the measures of strength are flagging. They are both falling fast enough that they could be negative by next week.

170120MarketHealth

One other thing that signals caution is Twitter sentiment for the S&P 500 Index (SPX). It is close to breaking a confirming uptrend line. If it happens, we should expect some consolidation.

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If the uptrend in sentiment holds, the upside will likely be limited to 2300 on SPX in the short term. The market will probably pause there for at least a day or two.

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Conclusion

The market needs rally soon or we’re likely headed for a larger consolidation. It’s time to start paying attention.

 
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