18200 -18500 I would sell!!!!!
Friday the Dow pushed up over the 18200 level… I would look to sell equities and go into cash between 18200-18500. I see a lot of gaps below on the daily charts that should get filled before we move up from lower levels. Yesterday I stated I was looking for some backing and filling and we got it today. The Dow was down at one point over 140 points before reversing before 11 am. I got a buy signal on my 15 min time frame at 1045 am on the spy and I knew that the lows of the day where in. At one point the s@p futures traded above 2100 today. So the backing and filling I was looking for occurred today. I still think we will push upward to new highs in the next few days. Gold was up today looking for a move up near the 1210 level first. Oil exploded at the end of the day closing above 61. Oil stocks did not participate in the late rally in oil. I am seeing a huge negative divergence between oil stocks and the actual oil contract. This is a huge warning sign.