Most likely our mid-term system will trigger a sell signal after today's close. As there was a larger correction than normal against this buy signal, it is not surprising that we will likely end up with a tiny loss. Often in this situation, the sell signal ends up being early. With the stock market quite overbought and with powerful resistance overhead, we believe that the correction against the coming sell signal will be quite small and we will close the signal positively.

As of the middle of the day, QQQQ is right below strong resistance in the 49.70 area. If this area is broken, we could see a final push to the 50.30-50.70 resistance area. Currently, we believe the ETF will fall to the 48 area in the coming sell signal.

SMH has broken above our resistance area and could be headed to the 39.50-39.70 area before a pullback occurs. We believe that SMH will fall to the 37 support area during the coming sell signal.

IWM is in a bit of a strange situation, as it still has not broken above its double bottom pattern. We doubt that the ETF will fall to the 76 area, as this would suggest that the recent lows will be taken out. IWM has already fallen to that area once and rebounded, a second fall would likely not be as lucky. Therefore, we believe the ETF will fall to around 77.50.

It is not definite, but if the indices close near where they are at 1:50, we will likely have a sell signal triggered in our mid-term system after the close.