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The Big Picture Charts Look Positive

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According to these DeMark charts, the bull market that began in 2009 is still not ready to quit.

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Financial Select Sector SPDR (NYSEARCA:XLF)



The weekly chart is on bar 12 of a TD Combo Countdown Sell, and the monthly is on bar 8 of TD Sell Setup. Looking at the conventional patterns, my guess is that these buying exhaustion signals will work themselves out more through an extended sideways move than a sharp pullback.

Energy Select Sector SPDR (NYSEARCA:XLE)





The weekly chart completed a TD Combo Countdown Sell seven weeks ago, the price "flipped" three bars later, and it's now on bar 4 of a TD Buy Setup. On the bullish side, this action is taking place above TD Level Up (i.e. above resistance), the monthly chart is on bar 4 of a TD Sell Setup, and the price is straddling TD Level Up. A qualified break of the monthly TD Level Up would argue for another leg higher.
Positions in SPX NDX IBB and selected energy names.
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