by Jeff Pierce, Zentrader
Bonds look to be moving into resistance. This is going to take some significant buying pressure to push this through resistance and if it happens then the market will be in trouble as the markets usually head lower when bonds rise. I currently have a bearish bias on the markets due to my market timing signal so while I find it hard to believe that bonds will go up it’s certainly not out of the question.
SPX is close to all time highs and while the bulls may be encouraged by today’s action….I’m not buying it right now. The lack of new setups right now is discouraging. This has been one of the most boring earning seasons in years. Not only do we not have any new setups, I’m not seeing anything worth buying in my own private watchlists I’ve been keeping for awhile.
Close to support.
I could see AAPL starting a decent pullback at current levels.