3:00pm PST Monday May 8, 2017
DOW + 5 on 350 net declines
NASDAQ COMP + 2 on 350 net declines
SHORT TERM TREND Bearish
INTERMEDIATE TERM Bullish
STOCKS: The markets got what they wanted in the French election, but it was discounted last week. Today was sell the news.
The market is quite overbought by many measures. That by itself would not render a short term sell signal, but when you consider the underlying breadth, it makes us a bit cautious. We cover this more in the chart section below.
Any multi day retreat from current levels should provide an opportunity. The intermediate trend remains quite positive.
GOLD: Gold was flat. Not much happening here, but it is oversold.
CHART The S&P has been up 5 out of the past 7 days, but breadth has been down 5 out of the past 7 days. There are no guarantees in this business, but that is normally a short term negative. Sorry to use the same chart so often lately, but it's the most important consideration currently.
BOTTOM LINE: (Trading)