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Market Commentary

The bulls finally took total control for a day as nearly every major average broke out to an all-time high (the one exception – the NASDAQ Composite – is within a mere 5 points of a an all-time closing high). $SPX advanced so swiftly that it is now above the +4σ “modified Bollinger Band.”  As such, a sell signal will definitely occur in the near future, when $SPX closes back below the +3σ Band.  Today, that would require $SPX to fall to 2227 – a drop of 14 points.  The +3σ Band is moving higher daily, though, so that number will change as the days go by.  An mBB sell signal will be a significant negative, but it is not necessarily an immediate sign of the top of the market.  The last two mBB sell signals were in...

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