Short Post today

 
Busy day today, so here’s a short post on the markets as of 2:30PM. I’ll only post again if there are significant changes at the close.
 
The S&P 500 is down more than 1%; VIX is up 13% and the 10-Year Bond Yield rose to 4.619%.
 
CURRENT SUMMARY OF APPROXIMATELY 50 INDICATORS:
Today, of the 50-Indicators I track, 19 gave Bear-signs and 5 were Bullish. The rest are neutral. (It is normal to have a lot of neutral indicators since many of the indicators are top or bottom indicators that will signal only at extremes.)
 

The daily Bull/Bear, 50-Indicator spread (Bull Indicators minus Bear Indicators, red curve in the chart above, as of 2:30pm) declined to -14 (14 more Bear indicators than Bull indicators).
 
TODAY’S COMMENT
CNBC’s Bob Pisani noted that there was no buying today, i.e., today’s poor results were due to a lack of buying more than selling. It could be, but overall, volume projects to be above normal for a holiday period so I can’t say I know why markets were down. The 10-year bond yield is up to 4.615% and that seems to be as good a reason as any.
 
Today’s Bull-Bear spread of -14 is bearish, however, the more important indication was the improvement in the daily bull-bear spread Thursday. The chart showed a dramatic increase in the bull-bear spread and that is the improvement that signals the recent weakness is very likely over.
 
The spread of -14 is still better than the low of -18 at the 19 December S&P 500 low so I am not concerned. While we don’t like to see spreads fall after a bottom, it looks like there are enough indicators that are close to bullish, we could see another turn higher next week.
 
The 50-dMA of the S&P 500 is 5941. I’ll worry if the Index drops below its 50-dMA.
 
BOTTOM LINE
Indicators suggested the weakness is over and I am sticking with that call for now.