Arms is a renowned stock market technician. He invented the Arms Index (often referred to as the TRIN), which has become a mainstay of market analysis, appearing daily in The Wall Street Journal and weekly in Barron's. Arms also developed the widely used technical method Equivolume Charting.Expand

Since 1996, Arms has been publishing the Arms Advisory newsletter for money managers and financial institutions. He also has authored five books, including Stop and Make Money: How to Profit in the Stock Market Using Volume and Stop Orders, Profits in Volume and Trading Without Fear, and has been honored with the Market Technicians' Award for Lifetime Contribution to Technical Analysis. Earlier in his career, he was a retail broker for 15 years at E.F. Hutton and, later, managed an institutional portfolio with assets of about $150 million.Collapse

The market appears to be at very overbought levels as more negative signs emerge on the charts.

Don't Buy on This Index Dip Real Money Pro($)

Overbought readings and low volatility argue against jumping in at this point.

Thinking About Buying? Don't Real Money Pro($)

Narrow trading ranges that we're seeing are typical of tops and suggest this is a time to be selling.
The signs that have warned of a possible market reversal only have become more extreme.

Charts Warn to Look Out Below Real Money Pro($)

The trading of the last two sessions suggests topping action short term, setting us up for a drop.

Market Makes a Sideways Turn Real Money Pro($)

Despite the overbought market, Macy's and Kohl's still look like buys.
We're back at the top of the trading range, with indecision seeming to be the market condition again.
They should wait until the rally appears to be running out of steam in order to go in on the short side.
And that's a very bad development for the longer term.
It's possible the U.K. vote, whatever the outcome, will trigger a new slide.

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