FXstreet

• "After a choppy week of trading stocks closed the week strong adding to the evidence that the upside reversal on January 21st was important. The surprising drop in bullishness the previous week (Is Bullishness Low Enough Now?) did not get the attention of most analysts even though it was making a ten year low."
• "According to AAII the bullish% rose to 29.75% last week after hitting a low of 17.9% on January 14th. The bearish% is back to 40% as it dropped 8.7% last week. The long term bullish average is 38.7% so a gradual rise back to this level would not be surprising."
• "The recent firming in stocks prices has not changed the bearish outlook of many analysts which is not surprising. Students of the markets may find last week’s article “Learning From Past Bear Markets” informative as typically bear market rallies, as was the case in 2008, cause many of the bears to change their tune just before the market decline resumes."
• "It is still my view that the current market rally will determine whether we have just seen a market correction or the start of a near bear market. There are no convincing signs yet of a recession based on the economic data and most bear markets have coincided with recessions. This has some bearish markets calling for an “earnings recession” where a continued trend of weak earnings and revenues push stocks into bear market territory."

S&P 500 daily: bear market rally to be started. The price is on primary bearish market condition located below Central Yearly Pivot at 2019.77 for the secondary ranging around S1 Pivot at 1905.11. The secondary bear market rally to be started on open daily bar for now with 1966.99 resistance level to be broken to above for the rally to be continuing. If the price breaks this 1966.99 on close daily bar so the local uptrend as the secondary rally will be continuing up to Central Yearly Pivot at 2019.77 as the next bullish reversal target to re-enter.

Instrument	S1 Pivot	Yearly PP	R1 Pivot
S&P 500	1905.11	2019.77	2176.41

DAX Index daily: bear market rally to be started. The price is located below Central Pivot at 10807 and above S1 Pivot at 9190 in the primary bearish market condition. Price was started with the local uptrend as the bear market rally last week and it was bounced from 9919 resistance for the secondary ranging to be started within 9919 and 9298 s/r levels.

• If the price breaks 9919 resistance level to above on close daily bar so the rally will be continuing up to Central Pivot at 10807 as the target,
• if the price breaks 9298 support level to below so the primary bearish trend will be continuing,
• otherwise - the price will be on bearish ranging within the levels.

Instrument	S1 Pivot	Yearly PP	R1 Pivot
GX	9190	10807	12317

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