Market Dashboard - Critical Market Point

 After a difficult week, RUM wave indicators reached an extremely bullish condition on Thursday.  Friday gave us a strong bullish rebound, but investors should act with caution trading this market.  Mandatory reading for my loyal followers is this excellent Elliot Wave weekly recap: click here.  

The 4 hour charts for the major indexes (below) show some pretty strong short term bullish signals.  Specifically, there are bullish divergences on all three charts and the IWM (small caps) is at a strong level of support.  If we see the small caps break this level, it could result in a nasty decline in the overall market.