Weekly Market Update: What stage are we in?

While the indicators are fairly positive, I remain cautious. The market doesn't feel like it has conviction. Here are this week's indicators.

For Weinstein fan's Chartmill has some fantastic indicators available on its charting site. Here is a graph I put together using their tool. It shows SPY on a weekly basis with a 30 week moving average, Stage Indicators and the Weinstein RSI. We are still in Stage 1.
I am looking for the early start of Stage 2 for an entry point.

Of interest, the Dow dividend ETF is in a Stage 2 Advance indicated by the green, while the S&P ETF (SPY) and Nasdaq ETF (QQQ) are in Stage 3, indicated by the grey bars. Remember the Dow is defensive.

 


For information on Chartmill's Stan Weinstein indicators click here.