Stocks stalled today, certainly not the steep decline I had thought might start today. UGH, don’t I feel like a genius. But then again, nothing ever happens according to plan. There were some key developments that I think strengthen the thesis and that stocks are due for a minor drop. Like I said yesterday this isn’t the start of some “end of days correction,” just a one or two or maybe three-day pull-back.

NASDAQ (QQQ)

The Nasdaq did drop outside of the rising wedge today. We also did not recover the day's highs. Again, this continues to point to a decline in the index to around 7,430 about 1% lower than its current value.

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S&P 500 (SPY )

The S&P 500 was up about 20bps on February 20. We can see the S&P 500 is having trouble at 2,790 and has stalled their multiple times since February 19. We can also see that the S&P 500 closed right on the uptrend. Again, this would suggest that the odds are very high for a pullback to around 2,750

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If the market doesn’t pull back and keeps going higher over the next couple of days, then that would make me even more bullish than I had previously been. I guess we have to see.

Copper

Copper prices continue to surge and today’s move higher puts the metal on the cusp of a big break out should it rise above $2.91, placing it on a course to $3.01.

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Oil

I had noted on Sunday that it appeared that Oil was on the rise to $57, and today it rose above $57. The next major level of resistance is around $61, and that is where it is likely heading.

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Blackberry (BB)

Blackberry had its first significant setback in some time failing at resistance at this $8.70ish price region. The good news is that the stock found support around $8.50. But it has to bounce off $8.50, otherwise, we can confirm the uptrend is broken, and that means a steep decline perhaps to around $8.10. Clearly, for now, my luck in Blackberry may have finally run out, and that means a rise to $8.90 is in trouble too.