I think it is time to pull the plug on the bearish USA stock market scenario for now. The SPY ETF had the opportunity today to break under 184 and kick start a bearish follow on move, but chose the bullish option once again. In addition to that, other indices such as the NYSE composite index did an almost text book technical retest of the apex of the symmetrical triangle it broke out of a few weeks ago. So the NYSE did a retest and then sign of strength move off of the apex. Technically that is text book price action.
I have to also say that it has been quite amazing how the sp500 and the NYSE has been able to almost completely absorb the bearish sell off in the Nasdaq Composite Index. At first the interpretation could have been that the Nasdaq was leading the way down and would take the sp500 and NYSE with it. But now it is starting to look much more like the Nasdaq and Biotech decline was just a way to work off their overbought excesses. The nasdaq composite is currently bouncing off of a bullish butterfly pattern which could mean that this correction is over for now in the nasdaq.
It could very well be that it is just not the right time to expect a 10 to 20% correction. Maybe in May? or August to September 2014 time frame.
Trying to pick a top in a market index is extremely difficult, not impossible, but very tough because of the predominance of the previous bullish trend and the seemingly endless choppy nature that usually accompanies market index tops.
The astro dates that are coming up are still the wild card. Perhaps the market will run right up into the April 21st date to form some type of peak ? It could be that they are just ignored this time despite the supposed bearishness of them. Nothing in market analysis is ever close to 100%, including astro.
So for now it is back to individual stocks analysis which I meant to do anyway. Soon I plan on modifying the BOT site to focus exclusively on individual stock setups from some powerful scans I have developed ( volume based scans, candlestick pattern scans and some Fib scans as well).