The percentage of stocks above their 200-dMA popped up to 62 Friday and that’s above the level of 61 that appears to be a point of concern.
SENTIMENT
Sentiment dropped to 73% Thursday and Friday (the 1-day value, not the
5-day value I use in long term analysis) down from 79% Monday. This indicates
that more traders are going short and may give the Index room to move higher
next week.
Unless the news sends the markets down, I think the S&P 500 can push
a bit higher. Still, I think there is a
reasonably sized correction lurking in the not too distant future.
