Market Summary

While the Island Bottom referred to in my previous post in the Volatility Index was filled certain other market top signals have occurred. The image below is of a weekly chart of 3 months duration showing an Outside Key Reversal chart pattern on the $NDX This is where price goes above last weeks high price and closes below last weeks low price. That is a bad sign in the market and a trend reversal signal. Many other markets including gold are showing trend reversal patterns similar to the $NDX . The 1150 area on the $SPX is major multi-year resistance and the market appears to be bouncing down from that point. Click on image to enlarge.

The Oil sector index has performed the best for year-to-date (YTD) period but oil also has made a weekly reversal signal to consider going forward and the USO oil ETF was down the most for the week. Click on table to enlarge.