Author: Guy Cohen

This could be a case of new leadership, which hauls the markets into bright new horizons, or it could be a sign of limited short-term upside (my hunch). 

As I go through my regular process, I see a market with more upside potential, but apart from the financials, other stocks are making rather heavy weather of things.

I’m surprised at the strength of last week’s bullishness. My guidance last week was that further upside was likely to be short term, and one week does qualify as short term.

The S&P is clinging on for all its worth around the range within which it has been trapped the last several months.

Over the past few weeks I’ve referred to the scarcity of good quality setups as one of my guides. In the last two weeks my main take has been that the market was not ready for a new upswing, and chaotically bouncing around the Key Levels was more likely.