Will it ever stop going up?

Bearish signs.. but that may not mean anything.

There are some short term bearish signals out there that I'll highlight in this post.  However, I've been telling you that a pullback is imminent for the last two weeks and the market has gone up despite my signals, mostly due to QE infinity.. hopefully I'll finally be right.  Friday's end of day action pushed a lot of the scores for the day lower.

On the 4 hr DJIA chart above, I've highlighted bearish divergences (yellow lines) on the slow stochastic and RSI, as well as a bearish crossover (red circle) on the MACD.

On the daily chart above the slow stochastic has also crossed, although that signal is not the most reliable.  What is a sign of weakness is the candle that printed Friday.  It shows a market that tried to climb higher only to be smacked down and close lower.  When the market is at these levels this can be a indicator of the market changing directions.  Candle readers would probably tell you that we need to see a follow through day to get confirmation.

Above is the depiction of the small caps that I've been showing the last few posts.  Small caps gapped up at the open on Friday to match back up with the larger caps.  This could be interpreted as a sign of market strength.

The biggest market mover this week could be Mario Draghi giving his press conference Tuesday.  I'm sure he'll do some jawboning about how great the ECB's plan to fix the euro is, and that could move the market still higher.  I also read an interesting article over the weekend (on stocktwits) about US government officials asking the ECB to delay release of some kind of Greece report until after the election to prevent any "surprises" in the market.  It's a little bit more conspiracy theory-ish than I tend to believe but supposedly the original article was published in Reuters.. I haven't read it myself yet, but it would suggest that the market will be pushed higher (or at least not "allowed" to go lower) until after the US election.  Who knows.