One of my favorite link for technical outlook on the US markets is the Stockcharts Newsletters known as Chartwatchers ( a link is provided). You do not have to be a subscriber to take a peek into the market posture of some of the best minds in the field of technical analysis. The panel of experts includes such names like John Murphy, Carl Swenlin, Chip Anderson, Richard Rhodes and Arthur Hill. Twice a month, an extract of their articles would be posted on Chartwatchers and you could get a pretty good idea of how the markets are performing or what directions they may be heading.
For example, in the latest issue dated July 15, John Murphy has an article entitled "S&P 500 Tests Major Uptrend" where he wrote: "The S&P 500 is bearing down on a two-year support line that starts in the summer of 2004. A break of that important support line would signal a drop to last October's low at 1168. That would be the first double digit percentage loss since the bull market started more than three years ago. I think the odds are pretty good that it's going to happen."
In the same issue, you have an article entitled "Split Market" by Carl Swenlin, who feels that the S&P 500 remains in a bull market while he has no hesitation in saying that the Nasdaq has entered a bear market.
Go to here for the current issue of the Chartwatchers.
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