By Andrew Nyquist
Well it’s been a week of indecision and “grinding” for the markets. Although the S&P 500 is slightly higher for the week, it has been choppy and heavy the past few days. And, as I mentioned earlier in the week, there is a perfected daily DeMark sell setup that is looking to record today.
All in all, I wouldn’t be surprised in the least by a market pullback next week… in fact, I’m expecting it. Time and price are warranting caution. See updated annotated chart below, and have a great weekend.
Editor’s Note 7:40 pm 1/13/12: Perfected daily DeMark 9 sell setup recorded today. This implies a downside reaction early next week. Note, though, that it doesn’t ensure a down Monday, just that a downside move/reaction will occur over the next 4 days. This coincides with the lingering 13 DeMark sell signal that still awaits a bearish flip (close lower than 4 closes ago) – in my opinion, a flip would confirm that a pullback is underway.
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Position in SH at time of publication.
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