Charts courtesy of stockcharts.com

 

  1. Last week suddenly the fear was turned off and the greed was turned on. The Ebola bottom held with an inter-day loss of the 30 RSI and the close back near that level by end of day. Bearish signals continue to be bullish in this relentless bull market.
  2. $SPY & $QQQ had almost a move back up last week that mirrored the down move erasing the sell off the 50 day as if it never happened.
  3. Both indexes rallied back above the 200 day keeping the long term up trend in place.
  4. Both indexes rallied back above the 50 day triggered a break out of to a short term up trend again.
  5. The market not selling off on the growing Ebola scare, $NFLX & $IBM post earnings sell offs, QE ending, and the Euro bank stress tests then what exactly will it take? This rally against all the fear mongering and bad news is bullish.
  6. While the volatility itself to the down side was bearish once again the upside move has once again crushed the $VXX being bullish.
  7. MACD bullish crossovers were all triggered last week. These bullish signals have worked well in past years.
  8. Bullish all time highs last week in: $AAPL $PG $GILD $UNP $ABBV $MMM $UNH $CELG $LOW $MCK $GD and oddly enough –> $XLU
  9. The RSI being in the 50s here gives this market room to move up more before being oversold.
  10. There is a high probability we consolidate price next week around the 50 days and give the 10 day sma a chance to catch back up with the extended price level off the bottom.