Dr. Harry Schiller is a Registered Investment Advisor with the California Dept. of Corporations. He has been owner and editor of the Short Term Consensus Hotline since 1988. For more information, see www.harryschiller.com. Schiller received his B.A from Stanford. He then got his master's Degree at Harvard and later completed his doctorate in Applied Behavioral Sciences at the University of Massachusetts at Amherst. He estimates that in the course of a year, he records or emails about 3,000 stock market reports.
The market is pulling back to the first important Fibonacci retracement.
Unconfirmed highs in the S&P 500 are just another reason to sell.
Now that the index has reached the April 4 target, we'll see if it can take out the April 3 level.
It's not a new low, but it may portend a drop in the S&P.
And the other indices are stalling, too.
Now is not the time to buy, but it’s an increasingly attractive time to sell.
Gaps are being filled and the broader market is outperforming.
The S&P stalled at this key level -- so a true breach here would be a positive sign for the market.
Some bullish non-confirmations may be signaling a low.