Bulls Ice the Bears

There's no quit in these equity bulls. While the bears have some work to do, at least they have additional time to do it. The U.S. Olympic hockey team, on the other hand, is running very short on time today. Here's to hoping for a great comeback and a chance at the gold medal tomorrow. But I think the bears have a better chance at victory than the U.S. does right now.

Meanwhile, February has not only been a rebound month, but the SPDR S&P 500 (SPY) chart below looks potentially short-term bullish with the potential for a very sharp push higher if new highs are seen in the next few days. There are a few bearish divergences as we aren't close to new highs on the Money Flow or Relative Strength indexes or even the CCI, however, price has been the overriding factor over the past few years. I simply do not believe you can get overly bearish until we see a move below $182 on a closing basis. Otherwise, the ice is tilted towards the bulls....133 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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