Stock market continues slippery for swing long entries; but UNG (natural gas) and DAG (agricultural commodities) coming into focus soon

Folks, you obviously can't prove anything by me, or by some of the cycles indications we've been seeing, although Andre Gratian may have different cycle views for his subscribers including the remaining potential for some type of pullback into the end of this week or early next week. Today we obviously didn't get a downslope as the ChartsEdge work was indicating - so there, says Ms. Market!! If you look at the McClellan Oscillator charts (at bottom below) you see that the Oscillator did bounce up off the midline area (and moving averages), consistent with the equities bounce we've seen. But the Summation Index is nearing overbought levels. So what's a swing trader to do?

As much as I've liked the idea of a March low, and am tempted to get impatient to say it must already have happened and let's hop on board what looks like a northbound train - I've got to urge continued restraint. Maybe today's push over the 1168 level does say we're going to 1176/1177, okay I can see that. Since obviously, we got to 1174 so it's just a blip away (and notice that 1176 is Tony Caldaro's next pivot after his 1168 pivot - see Tony's Elliott Wave Lives On site and update (feed) at right side of the page here). But with the way the indicators look and the timing relative to the common dip into late month (which would be this upcoming weekend), I really feel that we should be patient to look for more of a pullback after this test of the 1176. So in terms of price I'm still looking for (hoping for!) a test toward the mid-1140's, and in terms of time I'm still looking for a dip by the end of this month.

Naturally I hope I'm not wrong on this, and I don't want to let my readers down with misdirection on where the markets are heading. So I'm just being candid about this; and, it's obvious that people have figured out this market is much more bullish than many were saying just a month or two ago. Once we do feel comfortable about a good entry, it looks like getting toward SPX 1225 area should be a good goal, at least. There might be turbulence there, as you can see on the SPX weekly chart (below) that's where the 200-week moving average is. The 200-week isn't as widely used but it can provide a level to watch when we get there - as I feel certain we will, somewhat later this year.

Meanwhile, I feel that good swing buy opportunities are shaping up in natural gas (UNG) and agricultural commodities (DAG). I don't have specific time or price targets for buying these, but can allow this a bit of leeway. Because in both cases, I'm looking for a relatively long-term swing long position that should last at least a few weeks and maybe a matter of months. So, even if getting on board the equities train is dicey for the swing traders, I can put these ideas out there as good ones to start focusing on. It may still be a day or so before UNG and DAG are ready to start swinging upward; but it's not a bad idea to start preparing for swing long positions either in these ETF's or in the underlying commodities. [As always, in the exercise of my best take on 'em!]