Market was able, once again, to move higher. Nevertheless, we are now at the top of the red uptrend channel, and we would be surprised to get a clear breakout of this uptrend at this time: there is probably not enough momentum to do it now.
The Sigma Trend Index is roughly unchanged, other indicators are unchanged:
It is interesting to notice there is a major negative divergence between the STI and the Whole Market Index. This kind of divergence can't last forever.
Our short term model hit a stop loss on the SPX and remains in sell mode on the NDX:
Conclusion:
The chart looks more and more toppish, our short term model hit a stop loss on the SPX.
We keep our short position on both the CAC40 and the NDX
Short term position:
- short 1 NDX at 2734.9 (stop at 2799.98)
- short 1 CAC at 3748.55 (stop loss at 3763)
Medium term positions:
- short 1.5 SPX at 1376.22
- short 1.5 CAC at 3103.87
