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The Grind Continues May 30, 2015

Posted by Tom in Thoughts.
Tags: , ,

Last week was a continuation of the weeks before it.  “It’s Deja Vu all over again!” And so it goes.


That steady (and slow) grind up continues to fall within the red channel lines which bound the top and bottom of the price movement since March.  My first lower line in the sand is around 5020, then the lower channel line (red), then the major level near 4905.  But one can’t deny that slow progress is being made.  In that light I note that the progress is being fueled by a small group of stocks.

Moving Sectors

These sectors just appear to be the primary movers, and they have been that way for many weeks.  What concerns me is that this narrowing leaders list of sectors can mark the beginning of a market top.  It does NOT have to, but it is one of many characteristics.

I note that over all market Sentiment (top chart) oscillates between Bearish and Neutral, while “Money Flow” is noncommittal in Neutral.  So what to do?  Be careful.  Be Selective.  It sure appears that the market worldwide are on edge and looking for some reason to sell off, and any major news item could trigger that.  Until then, the slow grind up continues.

Have a good week.      ………. Tom  ………..

chart by MetaStock, pie chart by http://www.HighGrowthStock.com.  Used with permission.  click on graphics to enlarge them


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