Mark Arbeter, CMT, Assesses Next Moves In Face Of Warning Signs

Mark Arbeter, CMT, publisher of the "On The Mark" technical analysis newsletter and President of Arbeter Investments LLC, was featured in See It Market on Friday with a technical update on last week's market activity. 

"Have we seen a clear washout from an internal/sentiment standpoint to see at least a good rally in the near term? Probably," Mark posits. "If so, the dynamics of the next rally (how far it goes, the breadth makeup, the leadership) will go a long way in determining whether we reach 3,000+ on the index or if key lows down near 2,500 get breached first."

"I have not seen enough damage here to declare that the bull market has ended, although there are some key warnings from some of my favorite charts and indicators," he said.

Mark continued on to discuss a variety of indicators, including short, intermediate and longer-term trends on the S&P 500, as well as market breadth and sentiment. 

"On the one-hour chart, the 500 may be tracing out a 'fish hook' bottom," he said of the short-term chart, pictured above. "These patterns are seen quite frequently at intermediate-term bottoms. There is a nice bullish divergence on the hourly chart after cycling into oversold territory."

Read the full feature here: S&P 500 Technical Update: Gauging The October Market Correction