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Here's five important data points that I'm seeing right now.  

First, bonds are bottoming with yields nearly at peak levels.  The US 10 year yield has an upside DeMark Countdown 13 today.  The IEF (7-10 year ETF) has a downside Countdown 13 too.  TLT is on day 12 of 13.   Bullish sentiment for bonds has remained buoyant despite the bond weakness.  The "large bearish COT positioning" potential short squeeze does not really exist as I have discussed recently but a bond bounce is highly probable.

Second, crude bullish sentiment reached 96% this week. This is extreme and the other day I said it's a bell ringer.  There still is a little potential for a little more upside since there is a pending upside DeMark Countdown late in the move with Brent and WTI.  Energy stocks should follow on the downside soon too.

Third, the S&P 500, S&P 100, and the Nasdaq are nearing the daily upside DeMark Countdown 13's.  The Dow is early on with a new upside Countdown but the top 5 stocks in the S&P which have done the majority of the upside attribution had an upside Countdown 13 and now a price flip lower.  The top 5 Dow stocks is on day 12 of 13 so perhaps that early upside Countdown in the Dow will be cancelled.  Add the Nikkei to the list of major indexes to those with recent upside Countdown 13's with a confluence with the Yen too.  If you think these don't work, check out the history on the Nikkei or India Nifty 50.  

Fourth, market breadth is showing signs of internal weakness.  Cumulative breadth peaked recently with some upside DeMark upside exhaustion signals.  Russell 2000 has started to break.  The % of stocks making 52 week highs with the indexes making new highs continues to notably diverge from January highs.  Nasdaq  Summation Index has now turned negative and usually when this happens markets can accelerate faster on the downside.  

Lastly, Daily Sentiment Index data I post each day has been diverging from price and a "catch down" could happen at any moment.  Investors Intelligence bullish sentiment is at 61%, a level that they call the "Danger Zone".  More concerning is the low reading in those "expecting a correction" at 19%.  This low level is similar to January levels.  A sign of complacency.  When those expecting a correction rises, they tend to shift to join the bearish side.  Bears is at 18%.  

In summary, I'm really concerned that a risk off trade is very close - out of stocks and into bonds.  I continue to believe one needs to be very nimble with tight stops and a higher percentage of cash on the sidelines. 

• US Markets -  Divergences and a few more days left for daily upside exhaustion signals
  
• Hedge Fund Telemetry Trade Ideas - Covered half AMD short +16.5%
  
• Breadth Update
  
• SPY vs RSP and Top 5 S&P and Dow stocks custom indexes
  
• Stocks I'm watching today
  
• Sector Focus - Energy
  
• PPO Monitor - Percentage Price Oscillator Force Ranked Sector Rotation
  
• Bloomberg Technical Pattern Recognition Screen
  
• Currency Update - USDJPY Yen looks like a bottom with Combo indicator
  
• European Market Update - Still sluggish
  
• Global Market Update - Back under 50 day for EEM
  
• Asian Market Update - Nikkei upside exhaustion after extreme bullish sentiment
  
• Crude Update - Sell your long with extreme sentiment
  
• Gold Update - Sideways
  
• Bond Update  - IMPORTANT US 10 YEAR YIELD UPSIDE EXHAUSTION TODAY
  
• DeMark Screens - Daily, Weekly, Monthly upside/downside exhaustion signals within the S&P 500 and Euro Stoxx 600 September Monthly data updated
  

Here's a link to the Hedge Fund Telemetry market sentiment page with 40 charts of sentiment including equities, bonds, currencies, and commodities updated each day.  When the new website launches we will be adding new charts and historical sentiment data for Euro Stoxx 50, UK FTSE 100, German DAX, French Cac 40.  We will be adding Japanese Bonds, German Bunds, and a few more.  
SPX bullish sentiment is at 63%

Here's a little preview of the new Hedge Fund Telemetry Sentiment Charts.  Having the ability to look at various time frames on the website is going to be really useful.  Stay tuned for new site launch. I really am excited about having 45 different sentiment charts looking like this

S&P 500 getting closer

% of stocks making 52 week highs still very low vs January

OEX S&P 100 is a day away

Nasdaq bullish sentiment is at 71%

NDX Index still has a little more upside potential

Dow Jones Industrial Average is the better looking index thanks to so few stocks leading

% of 52 week highs on the Dow is divergence vs January

Russell rolling over

Trade Ideas Sheet - Long and short US equity ideas including ETF's.  We will be overhauling the Trade Ideas Sheets for long only, short only, ETF's when the new website rolls out soon.  There will also be a clearer email distribution with changes.  
Trade Ideas Changes:  Reduced AMD short to 5% - Correction yesterday I typed short DXY when I meant DXJ.   I type very fast.  Sorry
Stops on everything.  TSLA 320, GDX 17.35 , FEYE 16.00, FXI 41.95 (stopped), NVDA 295,  QQQ 190 (raised stop), XLK 79 (raised stop), SPY 295, XLY 118, AXP 114,  XRT 53, IWM 172, XLV 95, BRK/B 225, DIA 275, XLI 81.50, IBB 123, AMD 35, ROST 100.50, ABT 76, ORCL 53, LULU 165, AMZN 2050, DXJ 61, GLD 111

NYSE Cumulative breadth weekly with Combo

S&P 500 cumulative breadth daily with Combo

NYSE % of stocks above the 50 day moving average weekly long term.  Now under 50% and this is really strange when markets are hitting new highs... All time highs I might add.  Weird

US total market cap also rolling over

SPY vs RSP with notable recent out performance

Top 5 S&P weights - head and shoulders top perhaps?

Top 5 Dow stocks near upside exhaustion

Apple could possibly top tomorrow with a green Setup 9.  Or maybe just a short term pullback.  We'll see

AMZN rolling over but needs to break the 50 day

ORCL recent add to Trade Ideas Short

TSLA still should work lower

XOP nearly has an upside exhaustion

The PPO Monitor is a proprietary monitor developed to force rank Indexes, Sectors, and Stocks.  It ranks top down by strongest to weakest by percentage above/below the 50 day moving average.  Shorter term signals can be seen when the 10 and 20 day moving averages turn up (green) or down (red) which often are followed by the 50 day moving average.  This is useful to watch for historically overbought/oversold percentage above/below the 50 day moving average.  It is non correlated with the DeMark Indicators however we have found upside/downside exhaustion signals often occur when something rises to the top or drifts to the bottom of the monitor - increasing the timing aspect. We share this monitor with clients with Bloomberg Terminals.  An added feature is that each market/ETF can be expanded with each component force ranked in the same way.  A couple other features include price deviation from intraday VWAP (useful for intraday reversals) and new 20 day highs/lows on right side.  Please inquire if you would like to be permissioned to use the PPO Monitor.  

Today's highlights: Still seeing top sectors being bought and bottom sectors being sold.  GDX did have a new 20 day high but pulled back.  Keep an eye on this one

S&P 500 Members/Absolute Price Performance and Relative Price Performance vs S&P 500 and Sector ETF's.  ETF's vs Index Sectors.  Pair Trades.  Long side  is first symbol, short side is second symbol.  

US Dollar bullish sentiment is at 48%  

US Dollar Index

Euro bullish sentiment is at 41%

Euro Spot

USDJPY Yen with a Combo upside exhaustion.  

Euro Stoxx 50 still sluggish

UK FTSE still in wave 4

EEM Emerging Markets ETF lagging under the 50 day

Nikkei bullish sentiment is at 91% down from crazy extreme 96%

Nikkei reversed last night

India Nifty 50 still looks lower

Crude bullish sentiment is at 91% and down from crazy extreme 96%

WTI Crude Futures

Brent Crude on day 12 of 13.  

Gold bullish sentiment is at 17%

Gold still sideways

Bond bullish sentiment is at 56%  and remains bid despite the bond weakness

US 10 Year Yield with upside Sequential Countdown 13

US 2/10 Year Yield Curve sideways

IEF downside exhaustion

TLT a day away

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