Friday SPY touched the flat/falling upper bollinger band. It's hard to see much more upside coming this week with this band setup. But hey, anything is possible.
Looking in depth at the NYSE, we see the advance-decline line, the up-down volume line and stock only advance decline line all hit new short term highs. Strong action here
The stock / bond ratio via SPX/USB ratio is testing the 2007 highs once again. It's such a HUGE level.
The 10 year treasury yield looks ready to roll over here with 3 topping tails at the falling 10 week MA.
Is sentiment getting overheated? It's pretty close
The smoothed traders index is also at a clear overheated area. The last two dips down here were the peaks in last December and September.
Brazil had a heck of a week and is testing some resistance after blasting through the 50 day MA Friday.
Emerging markets relative to the emerged markets continues to consolidate. It appears there is more opportunity in emerging markets heading into 2015.
Asia via APB has found buyers at the 40 week MA time and again.
Copper is still trying to base and bottom out. The Friday action is uninspiring. It's worth keeping an eye on the falling 50 day MA as it's right here at price.
Back to some US stock groups...
The energy producers ETF is at a key level.
Airlines are starting to roll over in a meaningful way. It's safe to say they were a leading group off the October lows.
This coming while the Transports advance-decline % line shows a slight bearish divergence. This sure doesn't seem like a good time to jump into a transport stock.
It's going to be an interesting holiday week. The market's posture seems fine, but we're definitely reaching some extremes where we want to back off the long side. It also appears treasuries will be a place to be long this week.
Trade 'em well and have a great Thanksgiving!