14 March 2016 – Where to from here?

It was a rather slow day with the market undecided on its direction after 3 weeks of ascent.

Dow Transportation range traded from 7651.49 to 7712.43 which is a 60 point range and closed with a small doji candle. Next target is the 200 SMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 100%.

Dow Industrial range traded from 17161.16 to 17275.07. It closed with a small doji candle above its 200 SMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 100%. The Dow Industrial is in its monthly Squeeze.

Russell 2000 ranged traded from 1079.9 to 1087.46 and closed with a small spinning top doji candle. Pivot momentum remains upward. Short term volumetric buying pressure is at 99.9%.

Nasdaq 100 made steady gain from 4347.55 to 4378.35. It closed with a small Marubozu candle above its 50 SMA. Pivot momentum remains upward. Short term volumetric buying pressure is at 99.9%.

S&P 500 range traded between 2012.05 and 2024.57. It closed on its 200 SMA with a small doji candle. Pivot momentum remains upward. The volumetric buying pressure is at 99.9%. The S&P 500 is in a monthly Squeeze.

Vix closed at 16.92. Skew is within a normal range at 133.30.

Oil (/CL) futures is trading around $37.18 per barrel. Gold (/GC) futures is down at 1229.5 an ounce. Silver (SLV) ETF is at 14.58. We could see gold retrace downward as it is seasonally weak at this time of the year.

Junk bonds ETF (HYG) is 81.91 which is an indecision day. Bonds ETF (TLT) closed at 127.76 on its 50 SMA. Biotech (IBB) ETFs is at 261.44. Semiconductor ETF (SOXL) closed at 24.69.

The USD/JPY closed at 113.76 and has formed a Squeeze. We could see some explosive moves in the days ahead.

Market sentiment remains bullish. Market breadth continues to slope upward.

The prognosis is that the market is undecided. Market is getting to be overbought but buying pressure remains. We could see the market make further upward moves.

To YOUR wealth!