Weekend update

Not much to add after last week. We're still under the 1100 resistance area in the S&P500. In EW terms, I cannot make at this juncture a count.

There are times when we need to step back and wait a bit, for more information in order to make a correct assessment. Trying to force perspectives into our counts is foolish. One should know when to step back and admit that for now there's no need to try to come up with a count that has a low reliability.

To me, we're still in a topping process, especially with the recent market correlations that are kind of broken right now. I'm talking DAX and other european indexes, as well as the higher beta US indexes such as the Dow Transports and Russell 2000.

DJT is considered to be the leader of the market, and so far it has struggled and is still far away from its' highs. This week is utterly decisive.

As far as Ze Manel goes, well stay with the trend... this is an intraday chart:

These are the German DAX and the PSI-20 (the portuguese index)... both are more than lagging the current uptrend on the S&P and the DOW JONES.

 As far as the higher beta US indexes go, here's a snapshot of Russell 2000

Cheers!

P.S: I want to thank you for the adherence to EWI's free week. Definitely I wasn't expecting such a surge on participation. I hope you all took advantage of it and gathered some of their premium services. Don't worry, now that it's over you still have a lot of free stuff inside their members page, so to all of you that missed it you can still register and have access to their free stuff. And the free week from EWI is a common occurrence from them, so keep your eyes open.