Written by Gary

Both the SP500 and DOW set, again, new record highs this afternoon and if nothing else, Mr. Market still has some steam regardless what some bears might think. Both of the large caps also set new closing highs and the small caps closed solidly in the green as the bulls put on their party hats.

Our medium term indicators are leaning towards sell portfolio of non-performers at the close and the short-term market direction meter is bearish and has been all session. We remain mostly conservatively bullish, neutral in other words. Right now now I am getting very concerned any downtrend could get very aggressive in the short-term and volatility may also promote sudden reversals. The SP500 MACD has turned flat, but remains above zero at 24.84. I would advise caution in taking any position during this uncertain period and I hope you have returned your 'dogs' to the pound.

Having some cash on hand now is not a bad strategy as market changes are happening everyday. As of now, I do not see any leading indicators that are warning of a 'long-term' reversal in the near-term. There may be one later in 2015, but any market fluctuations we see now are more of a internal market rectification than a bear market.

Investing.com members' sentiments are 63 % Bearish (falling from 70% and now rising from 33%).

Investors Intelligence sets the breath at 52.9 % bullish with the status at BearCorrection. (Chart Here ) I expect a market reversal at or before ~25.0 should the direction continue to descend.

StockChart.com Overbought / Oversold Index ($NYMO) is at +5.15. (Chart Here) But anything below -30 / -40 is a concern of going deeper. Oversold conditions on the NYSE McClellan Oscillator usually bounce back at anything over -50 and reverse after reaching +40 oversold. (Now were are high enough to descend again - watch out!)

StockChart.com NYSE % of stocks above 200 DMA Index ($NYA200R) is at55.67 %. (Chart Here) The downside decent has reversed, but will it continue to rise above 50%? The next support is ~37.00, ~25.00 and ~15.00 below that. December, 2011 was the last time we saw numbers in the 20's.

StockChart.com NYSE Bullish Percent Index ($BPNYA) is at 58.24. (Chart Here) Below support zone but rising. Next stop was ~57, then ~44, below that is where we will most likely see the markets crash. We are seriously below 44 and need a reversal pronto as it looks like there is nothing to stop the fall until 25 and taking the markets with it.

StockChart.com S&P 500 Bullish Percent Index ($BPSPX) is at 70.40. (Chart Here) In support zone and rising. ~62, ~57, ~45 at which the markets are in a full-blown correction.

StockChart.com 10 Year Treasury Note Yield Index ($TNX) is at 23.22. (Chart Here)

StockChart.com Consumer Discretionary ETF (XLY) is at 69.31. (Chart Here)

StockChart.com NYSE Composite (Liquidity) Index ($NYA) is at 10,949. (Chart Here) We are above the resistance (10,301) but is this a test of the next resistance at ~10600/900, watch to see if these numbers decline back down. If they don't then there an excellent possibility for the markets going higher now that we have topped 10900. Next stop down is 10600, 9750, then 9250, and 8500.

The DOW at 4:00 is at 17688 up 40 or 0.23%. (Historical High 17,735.71)

The SP500 is at 2052 up 10 or 0.51%. (Historical High 2,056.08)

SPY is at 205.45 up 1.18 or 0.58%.

The $RUT is at 1170 up 6 or 0.52%.

NASDAQ is at 4702 up 31 or 0.67%.

NASDAQ 100 is at 4242 up 28 or 0.67%.

$VIX 'Fear Index' is at 13.87 down 0.12 or -0.86%. Bearish to Neutral Movement

The longer trend is up, the past months trend is net positive, the past 5 sessions have been sideways and the current bias is elevated and trending fractionally lower.

WTI oil is trading between 76.42 (resistance) and 74.30 (support) today. The session bias is negative and is currently trading down at 74.35. (Chart Here)

Brent Crude is trading between 79.94 (resistance) and 78.21 (support) today. The session bias is negative and is currently trading down at 78.38. (Chart Here)

Gold rose from 1182.70 earlier to 1204.25 and is currently trading up at 1196.30. The current intra-session trend is neutral. (Chart Here)

Dr. Copper is at 3.000 fell from 3.042 earlier. (Chart Here)

The US dollar is trading between 88.03 (highest since 2009) and 87.57 and is currently trading down at 87.64, the bias is currently sideways. (Chart Here) Resistance made in Aug., 2013 (~85.00) has been broken and now is support. This support has gotten much stronger since August, 2014 and isn't likely to fall easily.

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