Ultra short term is back to extremely overbought levels. Short term is oversold. Medium term is only slightly oversold. Long term remains neutral with a slight increase lately.

In spite of the ultra short term indicator seemingly giving us a potential “buy” signal, I’d err on the side of caution. None of the other usual indicators are showing oversold conditions yet, and the next support lines are the 200 day moving averages for the S&P. VIX is displaying some potentially positive behavior in…

Ultra short term is quickly back to overbought levels. Short term never really reached extremely oversold levels. Medium term is not that close to historic extreme oversold levels. Long term continues to exhibit uncertain behavior.

It’s hard to believe I’ve been publishing my indicators and ideas since October 20th, 2009 – starting with my thelastcanary.blogspot.com blog – which now has over 145,000 independent views in spite of zero marketing. Certainly have been wrong plenty at identifying tops, but also certainly right in identifying tradeable bottoms in each leg of the…

Ultra short term made a dramatic jump back to neutral after some noticeable weakness. Short term is neutral to slightly overbought. Still lagging recent peaks indicating some weakness behind the scenes of the S&P. Medium term has decidedly broken down in spite of the continued rise of the S&P. This again shows people are selling...

Ultra short term is neutral and remains in a decided downtrend Short term is neutral Medium term is neutral and declining Continued flatline of this indicator. Quite rare and bizarre activity. It did some similar activity in early to mid 2000 with the slow / flat ascent during the final peak. Around July 2000 it...

The first half of July’s strong seasonal performance is now behind us. My indicators don’t show a great buying point in any time frame.

If there isn’t some dramatic solution to the weak breadth we’ve seen in the market recently, this rally is nearing its conclusion. July isn’t typically too bad of a month, but August can be.

In Summary, many indicators are neutral or slightly overbought meaning this is not an outstanding time to buy; nor is it a terrible time to buy. The summertime is typically low volume and trends prevail until something disturbs the trend. VIX is not at historic lows meaning it could potentially fall further.

Overall my indicators are giving mixed signals. In spite of a 4% S&P rally, the medium term indicator hasn’t really moved up. Today and yesterday the ultra short term indicator declined indicating some loss of breadth into the increase.