Analysis Paralysis

The short term chart of the S&P is now looking neutral with prices below a flat 5 day moving average...

The relative weakness continues for the Nasdaq with prices now below a falling 5 dma. Trendline support isn't very far away...

The DOW is holding up well...

Looking at the bigger picture and the distribution counts, the relative strength of the DOW is rather surprising given that today marked a 5th distribution day in the last month...

For the S&P, today was the first distribution day since mid-December...


Ditto for the Nasdaq, despite being the laggard...

Here are a few more long candidates...

CML

GIVN

NEU

And a few retest candidates...

AAPL

ARST

JOYG

KIRK

VIT

Click Any Chart To Enlarge

One day does not make a trend and I'll be watching for more conviction from the bears before changing my bullish stance. All P&F charts remain on buy signals and I see today's action as long overdue relief of an overbought market. I still expect this dip to be brief and one that should be bought. We shall see... the next few days should provide a clearer picture and I'll be ready to react on continued weakness, especially if volume begins to increase. Additionally, don't forget this is an opex week, so volatility is likely to increase a bit. Trade well!