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

Tuesday, June 13, 2017

$SPY Pattern and Trend

If the symmetry continues to hold, expect a swing low mid September, and rally until April/August '18:

SPX price target 2500 - 2510.

Monday, June 12, 2017

$QQQ Pattern and Trend

The Qs found support at the 50 dma and the % decline is consistent with previous corrections in an uptrend:

Sunday, June 11, 2017

$QQQ Pattern and Trend

The uptrend hasn't been broken yet, as the Qs declined exactly to the 50% retracement of the last upswing:

This was a good example, however, of what to expect once everybody rushes for the exit at the same time.

Friday, June 09, 2017

Thursday, June 08, 2017

$SPY Pattern and Trend

The index is at a critical juncture, deciding whether to stay with the current and, eventually, retesting the lower channel line, or accelerating upwards and establishing higher support/resistance levels:

Wednesday, June 07, 2017

$SPY Pattern and Trend

The SPX is testing the breakout channel, trading below the 1 x 1 angle

Sunday, June 04, 2017

$DIA and Bull Rallies

Since the DJIA made a new high last Friday, here's an update of the historical rallies table:

The current rally is 375 days short of the longest rally in history, and ranks #5 in terms of % gain.

Only two rallies out of 28 have topped in May or June.

Friday, June 02, 2017

$SPY Waves, Momentum and Trend

Daily market breadth suggests that the sideways/down phase is over, and there's plenty of upside potential left:

Also, the short-term upswing exceeded the length of the preceding downswing, meaning that we are currently in week 30 of the larger trend which remains up:

This is the latest leg of the bullish wave pattern which started in 2009:

From this perspective, we've already exceeded the length (58 weeks) of the first leg of that pattern.

Wednesday, May 31, 2017

$SPY Pattern and Trend

Gap fill #7 complete:

although that doesn't automatically mean clear sailing ahead unless key support @2400 holds.

Friday, May 26, 2017

$SPY Pattern and Trend

The SPX is spilling out of the 30 min channel:

while the Russell 2000 is having trouble breaking even above the 50% retracement of the April-May range:

Thursday, May 25, 2017

$SPY Pattern and Trend

New highs, top of the channel tag, and a new Gap #7 in the making:

$SPY Momentum and Trend

The moment we've all been waiting for: a retest of top range resistance

Tuesday, May 23, 2017

$SPY Pattern and Trend

All are in, and virtually every stock from the SPX is on a buy signal:

just when the index is tagging the upper consolidation line:

$SPY Pattern and Trend

Gap 6 was filled. The index remains on trend but still below the upper consolidation level:

Saturday, May 20, 2017

$SPY Pattern and Trend

The gap has been filled, and the index trades above the 50 dma once again:

The question now is whether the SPX can maintain its upward trajectory, or whether the top of the range will act as resistance one more time (preferred scenario).

Wednesday, May 17, 2017

$SPY Pattern and Trend

It wasn't different this time either. All 5 gaps got filled:

The break below support at the 50 dma puts the bottom of the consolidation zone in play.

$SPY Pattern and Trend

It looks like the first gap is about to get filled:

Support at the 50 dma.

Monday, May 15, 2017

$SPY Pattern and Trend

It seems like the bots are not willing to let the breakout happen just yet:

It would be interesting to see how it plays out since market internals are turning up from oversold levels:

$SPY Pattern and Trend

All of last week's price action looks like a bull flag in the making:

Saturday, May 13, 2017

$SPY Bulls and Bears

The Bulls/Bears ratio continues hovering around 50%:

From a longer-term perspective, the index continues squaring the 1 x 1 2008 angle:

Friday, May 12, 2017

Wednesday, May 10, 2017

$SPY Pattern and Trend

2400 has proven to be formidable resistance for the SPX. Until resistance is broken decisively to the upside, the gap and the 50 dma continue to be in play:

Friday, May 05, 2017

$SPY Gap and Trend

The index seems ready to explode higher, despite the unfilled gap:

Internals went through a rolling correction, while price remained flat, and now favor a sideways/up move:

Wednesday, May 03, 2017

$QQQ Pattern and Trend

The last time the Qs traded above the 50 dma for such an extended period of time was in 2010-2011:

After the index broke below the 50 dma in March 2011, it entered a prolonged period of consolidation which lasted until 2012.

Sunday, April 30, 2017

$SPY Pattern and Trend

The 50 dma is splitting the current trading range in half, and should provide support during a gap fill attempt:

Saturday, April 22, 2017

$SPY Pattern and Trend

On a weekly basis, the SPY registered a 2 point advance. The daily chart, however, shows that the index got rejected 7 times at the 50 dma:

while market internals were getting overbought:

Expect support at 2340 and 2320 to be tested once market breadth starts deteriorating again.

Thursday, April 20, 2017

$SPY Pattern and Trend

The balance of power has shifted and, since April 12th, the bears have the upper hand in the battle for the 50 dma:

Tuesday, April 18, 2017

$SPY Pattern and Trend

Judging by the anemic volume behind this reversal, it wasn't supported by much conviction from market participants:

On the bright side, however, support at 2320 held, and the index even made it above 2340. The evidence suggests a continuing consolidation between 2320 and 2400.
First resistance at 2370.

Saturday, April 15, 2017

$SPY Trend and Market Breadth

Market breadth for the major averages continues to deteriorate:

After losing the battle at the 50 dma, SPX futures dropped below support at 2340 on Friday. The next two support levels  are at 2320 and 2280.

Tuesday, April 11, 2017

$SPY Pattern and Trend

Support at 2340 held and the index was able to climb back above the 50 dma at the close. However, the %Bulls ratio dropped below 50%:

$SPY Pattern and Trend

While key support remains at 2340, the SPX is currently losing the battle at the 50 dma:

Sunday, April 09, 2017

$SPY and Volatility

VIX is signaling a 60% chance of lower prices within the next couple of days:

but oversold market internals continue to argue otherwise.

Friday, April 07, 2017

$SPY Pattern and Trend

Those, who don't pay attention to market internals, do so at their own peril:

2340 held again and, barring some disastrous results from the jobs report (not likely), shorts, most likely, will be forced to cover:

Key support/resistance levels: 2340 and 2400.

Wednesday, April 05, 2017

$QQQ Trend and Momentum

One of the longest streaks in recent history is coming to an end:

Monday, April 03, 2017

$SPY Trump Rally

The major indices are reacting differently to the Trump rally. While the Russell 2000 has flat-lined since the end of 2016:

the Qs continue advancing after a slower start:

and the SPX and DJIA are making lower lows and highs since the beginning of March:

Such divergences, while not uncommon, can't last forever.

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