The indicator data just posted at 6:00 PM EST.
The CPC and the Williams%R spiked downward into bullish positions, but I expect them to go into bearish at tomorrow morning's open. The futures market shows the S&P down by 9.10 points after the close (6:15 PM EST) to 785.70; and the Dow down by 78 to 7,484. The 15-min and 30-min Stochastics suggest the market should decline tomorrow.
I think a turn-around into a bearish direction has been pretty well established by the indicators and by the comparatively extreme overbought market conditions, but experts report a bearish market turn-around with the S&P falling to 766.20 at some point tomorrow will provide final confirmation.
I expect this bearish market turn-around to last for one, maybe two weeks. After that, many experts think the market will rally for one to three months thereafter, but I think a lot will depend on first quarter earnings announcements due out in a couple weeks. If earnings annoucements are poor like in January and February, it's quite possible the market could continue to decline.
I want to keep reminding you, a mark-to-market announcement (MTM) is likely to be made between April 2 and April 9, but more likely closer to April 9. If the annonucement is highly favorable to the banks, then this will be a game changer and the market could rally strong for a week to the point of extreme exhaustion from its current overbought state. A favorable MTM announcement could take the S&P to 900.
I will have some pre-market open comments tomorrow.
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