closer to the tipping point after a long sideways tragectory

Eye of the storm
When our market moves sideways, I get bored. Its been going on for about two weeks, and now I feel the tipping point is near. We'll see big movement soon, but whether it is up or down will be influenced largely by the technicals this time around.

U.S.'s vacillating market
Nowadays the U.S. market been entertaining enough keep the whole world watching. The U.S. market's fickle disposition throughout the week let us see a nice rally care of Mr. Warren Buffet and then a sell-off on valentines day, care of U.S. FED Chair Ben Bernanke.

No excuse to be all out gloomy yet
With these two days as reference points, our market still seems to be tracking the U.S. major indeces but in hardly as entertaining a fashion. We ended our week dangerously close to the 3170 level that tsupitero has been warning us about. The bright side of it all is that technical analysts don't quite have an excuse to say that we're going to see a lower low. With so many investors staring at bad January index figures, the smallest things can spark a sell-off. If technicals start predicting a drop, I think even their largest critics will choose to err on the side of caution.

Green and go?
I feel that we're very close to the tipping point and it will be the technical analysts who we should listen to. We should watch to see whether technicals will say that our market either passed or failed the double test of support. After all, most fundamentals are still positive. When we hear both the technical analysts and the fundamental analysts saying good things are to come, the lights we'll green and go and hopefully all that money sitting in the sidelines will be put to good work.