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There are a lot of interesting observations for the broad market S&P500             index measured by SPY             .
As I had highlighted before here that we a top likely the first week or two of April. The market was poised to go down from multiple perspectives but it didn't.
1. The 9-bar mode failed to rally the proper time and distance = WEAKNESS.
2. Then the 10-bar mode then built at a higher level than the 9-bar, and shows STRENGTH and accumulation,
3. But then the rally out of that mode failed to reach time and price projections = WEAKNESS
4. Now we have 12 weeks at the same level as we build time at this higher MODE, so that shows STRENGTH,

The shut off valve for being bullish is still 184 in SPY             and 184 is also a big level from option expirations for two months.

So, for now, I have to label this as "neutral" as the buy signal doesn't occur until Friday's close and the stop is 184 on the entry.
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SPY tracking along on this forecast --- 6/12/2014
The spx is throwing a doji on the monthly with slowing momentum on the weekly. The Awesome Oscillator on the monthly threw its first red bar after 14 months also showing momentum is slowing hinting selling is likely to come. Market will need some good news for more lift.
timwest paulyberndt
Good points paulyberndt. I hope that we can catch when the market fails to rally on good news and then it will be extremely vulnerable. Low risk trades with huge upside (or downside, as in the market going down, esp if this trade fails) are what I'm looking for. Mechanical methods like this one are easy to follow but hard to stomach sometimes :-) Meaning that I'd like to take short-side trades on the market, but it isn't giving many huge profits, yet.

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