Courtesy of Lee Adler of the Wall Street Examiner
Lee uses chart analysis to get a sense of the direction of the market. His analysis this time provides an unclear view, but the following illustrates Lee's approach.
Will the coming rally be the last rally? The chart setups lead to this question.
Excerpt:
Most market pundits feel obligated to take a position on the market all the time. But sometimes, even most of the time, it’s not warranted. The path ahead is often simply too unclear. That’s the way this market looks to me now. While many signs suggest that we’re headed for trouble, the signals aren’t yet definitive and short term indicators suggest that a rally attempt is imminent. I’m not ready to get short yet, expecting the next bounce to provide a clearer setup. I suspect that the next rally will likely be the last one. Meanwhile, the market is again flirting with breaking key support at and just below current levels.
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