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Evidence Continues To Mount That A Short-Term Top Is In

June 13th, 2014

buyers and sellersChris Puplava: In my Monday article (click for link) I highlighted how the market’s advance was strengthening and broadening out as the biggest sectors of the market that had lagged for the greater part of the year were beginning to gather momentum and become short-term leaders. Although this is a constructive development, I warned how the market was getting a little overheated as several of my intermediate-timing gauges had reached frothy levels, implying we either consolidate or experience a small pullback.

This was further confirmed this week as a number of major market indices received a Bloomberg TrendStall “sell signal” (see red triangles) as shown below.

market top

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Source: Bloomberg

Reviewing my market indicators on the Russell 3000 Index (~98% of the entire US market capitalization) shows we are just coming off elevated levels (see red circles) and suggests further market weakness in the days ahead.

Russell 3000
Source: Bloomberg

While I expect some near-term digestion in the markets as they work off an overbought condition, I wouldn’t expect fireworks to the downside given how tame the credit markets are.

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NYSE:DIA, NYSE:SPY


 

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