Nasdaq 100 (weeks ago), Nasdaq Composite (last week), and now the Dow Industrials (today) have made new recovery highs.
Daily Trend System is still firmly on a buy signal (Since mid-October)
My 60-min System has cleared its sell signals and issued a buy on Friday. But I think buying a large gap up on a Friday stinks, so I didn't act on it. (Probably should have). But the real point is that the system is behaving in the same manner as it did in mid-2010/early-2011. Which means that divergence top signals don't work, the market is trending strongly. The price action is also very similar (pullbacks are very shallow and short, 2 days tops). I made that observation a couple of weeks ago, too bad I didn't act on it and loosen the leash on my 60-min system.
But, we have now transitioned from a volatile swing traders market to a grinding trending market. And that's not bearish.