The Dow, S&P 500, Nasdaq, and Russell 2000 are all upgraded from a sidelines rating to an uptrend rating today.

All it will take is one bad news story out of Europe about Italy and the bulls will lose this advantage over the bears in a blink of the eye.

This is a very dangerous market for traders right now folks. I sure wouldn’t argue with any trader who wants to stay on the sidelines and the safety of cash until a strong uptrend or strong downtrend develops.

According to the trends of the major indices, the bulls have a small advantage over the bears.

Part of what is going on is the markets tendency to do better during the middle of the week than on Monday or Friday. The relationship has held solid since 2005. So as we approach Wednesday, it makes since that bulls gain the advantage over bears temporarily. What will make the difference is if the buy side volume on Tuesday, Wednesday, and Thursday pushes the market up much higher than the sell side volume on Monday and Friday does.