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 story : Stock market-timer McClellan on verge of swinging to bearish, as market looks 'pretty tired' #FinanceUSA #StockMarketNEWS Market-timer Tom McClellan, publisher of the "McClellan Market Report,"

@stockMarketNEWS 20 Days ago

Posted in: #FinanceUSA #StockMarketNEWS

Stock market-timer McClellan on verge of swinging to bearish, as market looks 'pretty tired' #FinanceUSA #StockMarketNEWS
Market-timer Tom McClellan, publisher of the "McClellan Market Report," said he will turn neutral on stocks for short- and intermediate-term trading styles after the closing bell, citing a "pretty tired looking stock market." McClellan, who has been bullish for all trading styles for weeks, said that while both his Annual Seasonal and Presidential Cycle patterns suggest a market top is due next week, he's concerned that the top "could arrive a few days early." He said he would flip to short-term bearish if the S&P 500 closes below 4,366.34; the index is currently down 0.3% at 4,362.34. Among his concerns, his models were anticipating a rapid run up this week ahead of next week's top, and the fact that it hasn't rallied despite continued quantitative easing from the Federal Reserve "speaks to some big problems" for stocks. The S&P 500 closed at a record on Monday, but is now down 0.2% on the week. What is also worrying McClellan is that while the S&P 500 has been trending higher, which should lead to volatility trending lower, the CBOE Volatility Index has been making higher lows. "Normally, the two move in opposition, and it is a warning of trouble when higher price highs are accompanied by higher VIX readings," McClellan wrote in a note to clients.


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