16 Oct 2014 - No Urgency?

The market rallied today, but the most important attribute about the rise is that there was no urgency to move higher.  Moreover, the prices have not moved above the Daily 200MA.  This is troubling to say the least.  The daily reversal candle put in yesterday was very convincing, but these issues I just brought up today should be on the forefront of the analysis.  The 200 daily MA is sitting at 1905.75.  The bulls need to regain this, and prices have already stayed below for 4 consecutive days.

There is also a possibility of a positive divergence occurring, but prices would need to make a new low.  Everything considered, it is looking more bearish than it is bullish.  Therefore, I would suggest not getting long until we have a substantial elimination of the issues just put forth above..

The next level of support would be in the 1780 and 1740 level.  Again, we could go deeper or none at all, but we should be careful of the trend and to make sure we are not following the counter trend.  It is very easy to just follow the bullish trend as we have been accustomed to think that way for 5 years now.  What is different is that the mentality needs to shift from buy, buy, buy, to Be careful.

MT: DOWN
ST: DOWN
PA: DOWN