We Are Not Piercing Through the 150

On the S&P weekly chart you can see where and how the market is doing based on a longer time frame

. You need to focus on the 150 week moving average. We are using that as resistance. In the chart below it bounced down after it reached that point. I use the weekly charts to confirm my thoughts.

I am still bearish, not neutral to bearish, but bearish. The economic indicators, such as the unemployment numbers, housing number, housing starts numbers, birth rate, automobile sales and commercial used truck sales are still horrid.

I have no idea what is making the market run, but the numbers do not lie. A bull market cannot start below the 150 moving average. On the daily charts we are touching the 150 and not piecing through it. You do not use the 150 as resistance in a bull market, you use it as support. We are still using the 150 as resistance; therefore, I believe we are still in a bear market. You cannot be euphoric and excited because the S&P is above the 150 for a day. It needs to stay above it for weeks and weeks. When dealing with the market, support and resistance are the most important indicators.

I am continuing to look at shorts, not longs. When the 150 is acting as support we are in a bull market and when it is acting as resistance we are in a bear market. We are in a bear market and I believe that until proven otherwise.

We Are Not Piercing Through the 150

By: Rob Wilmink

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