Tomorrow will be too late,
It’s now or never
— Elvis, It’s Now Or Never
Several indicators reveal that the market is approaching a potential reversal point. First, the leading small cap indexes, the Russell 2000 and S&P 600, are sitting on rising trend line support as well as important Fibonacci retracement levels.
In addition, the leading NYSE Index is sitting on support from the top of a triangle pattern it broke out of earlier in the year.
Second, the DeMark Sequential (TM) indicators have or will registered a buy signal for both the S&P and NDX futures. Most importantly, the S&P registered a Countdown 13 buy signal earlier in the week and currently shows a new 9 buy signal today.
Even the VIX will hit a 9 DeMark today.
Finally, the S&P and NASDAQ head and shoulders patterns have both reached their price targets.
The market should find solid support at these levels. If it doesn’t, I’ll have to assume the bear is back.
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