A one day bear market

The market is so strong at the current juncture that it will barely allow a multi day decline to correct the overbought readings.  The near term very bearish observation I made yesterday was apparently not meant to be.  Even the high volume bearish engulfing we saw on the Nasdaq 100 Index does not seem to be working.

There is still a possibility for more bearishness in the weeks ahead, but so far it is looking like the tape will hold its ground at the current resistance zone.

The long term market observation I made on the Dow Jones Industrials appears to be holding the most weight and is even not allowing the near term to show weakness at this time.

A breakout north in the sp500 above 1360 would be a very bullish continuation signal for this market.

Yesterday was a clear possible sign of change of trend.  But so far the market has elected to reject near term weakness.  The longer term bull trend appears intact.

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