Market Breadth Data******************************

Wednesday, November 30, 2011

As suggested Monday morning, keeping a close eye on the Oct 4th pattern::

SPY bumping against resistance level #2:

As expected, SPY opening at resistance:

There's a daily triangle developing within the weekly triangle:
SPY set to target next resistance level:

Tuesday, November 29, 2011

Monday, November 28, 2011

The last 10 minutes keep the rally alive:

Key support at 119.
The dominant cycle favoring bulls as well:

This looks similar to the Oct. 4th market reaction:

in which case bears will be hurting for a while.
Based on pre-market e-mini action, SPY should open just below resistance around the 119 level:

Friday, November 25, 2011

Another failed attempt to break above resistance for SPY:

Next target -- filling the 9.22 gap
SPY opening below critical resistance levels:

Thursday, November 24, 2011

No matter how bullish or bearish the long-term forecast looks, it pays to keep short-term market internals in mind:

Tuesday, November 22, 2011

SPY finishing as flat as it gets:

but heading towards lower support zone AH.
SPY needs to trade above 120.16 for a valid breakout:

SPY heading for next support level:

SPY struggling with the same support/resistance levels from yesterday:

Monday, November 21, 2011

We continue monitoring the chart below, counting 8 weeks from the top:

But we'll also pay close attention to the chart below, for clues about additional support/resistance levels:

In the end, SPY closed right on the downtrend line:

SPY bouncing off the first support line:

For those new to the site, it's worth paying attention to the CIT Dates calendar on the left.
New CIT Dates are usually entered at least a couple of weeks in advance.
SPY approaching channel and trendline support:

Saturday, November 19, 2011

Friday, November 18, 2011

SPY consolidating at the lows:

testing the bullish scenario:

Despite the opening gap, SPY struggling to regain the uptrend channel:

Thursday, November 17, 2011

The SP500 peak in May 2008 was followed by 8 weeks of decline:

SPY support held only until lunch time:

and there's a big air pocket below on the SP500:

SPY at channel and trendline support:

Wednesday, November 16, 2011

The tide in SP500 bullish sentiment may be turning:

despite the "improving" economy:

SPY rejected again at resistance:

SPY trying to keep up with the uptrend line:

Despite the e-mini wild gyrations pre-market, we have an inside day so far:

consistent with opex week and our longer-term analysis.

Tuesday, November 15, 2011

Despite the late rally, SPY closing below resistance:

The rally was strong enough though to save the day:

SPY just below double resistance:

OddsTrader RR oscillator v. traditional type oscillator:

As explained in the User Guide, one should expect the RR oscillator to remain overbought in a downtrend market (cautioning not to get long prematurely), oversold in an uptrend market (cautioning not to get short too early), and to match a traditional oscillator in a sideways market. By contrast, in a trending market, a traditional oscillator will give numerous false overbought/oversold signals.
SP500 started week 6 of what is supposed to be a 9 week sideways/up phase:

Monday, November 14, 2011

SPY finished the day below the uptrend line:

which prompted the drawing of the new downtrend line.
SPY back below resistance:

Sunday, November 13, 2011

Weekly Hurst Channels in action:

highlithing classic double bottom.

Friday, November 11, 2011

Glad to see Louise Yamada sharing a similar outlook.
SP500 closed just below resistance 3rd week in a row:

while bullish sentiment reaches extremes:

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