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

Friday, May 26, 2017

$SPY pattern and Trend

The SPX is spilling out of the 30 min channel:


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.

$SPY Pattern and Trend

The SPX and NDX are starting the week on a different note. Weekly NDX is on a buy signal, although an overbought alert is in place:

while the SPX weekly sell signal will be tested from the get-go:


Friday, March 31, 2017

$SPY Pattern and Trend

Now that the month and quarter are over, the conviction behind the Trump rally can be tested in earnest on Monday:


















As can be seen from the chart above, the majority of counter-trend swings, during the last year, have lasted 3 - 4 weeks.

Despite this being heralded as one of the strongest quarters in years, the monthly bull/bear ratio remained unchanged for the quarter:

Wednesday, March 29, 2017

$SPY Pattern and Trend

Conventional wisdom was proven correct, and the indices are advancing into month/quarter end. Although the NDX made new highs during this rally, the SPX and DJIA pattern shows lower lows and highs still in place:

















The resilience of this advance will be tested very soon, as market internals have become overbought:
















As can be seen from the chart above, overbought market internals often precede a sideways/down market phase, while oversold market internals usually lead to a sideways/up move.

Monday, March 27, 2017

$SPX Pattern and Trend

The futures broke below support at 2335 and it now becomes resistance:
















Conventional wisdom would expect end-of-month and quarter window dressing to slow the decline in a few days.

Thursday, March 23, 2017

$SPY Bulls and Bears

The SPX Bull/Bear ratio dropped to 50%, reflecting uncertainty about the execution and timing of Trump's economic agenda:












The index is trading in a narrow range with key support at 2335, and resistance at 2355.

Wednesday, March 22, 2017

$SPY Pattern and Trend

Daily market breadth reached oversold levels:
















and the futures are trying to stage a reversal:

























Key resistance at 2355.

There is a pattern of lower lows and lower highs currently in place.

Tuesday, March 21, 2017

$SPY Breadth and Momentum

Two warnings were issued last week: that market breadth is overbought, and that weekly swing time is ready for reversal. Today's break below support at 2350/2355 confirms the analysis:




















The red bar at the bottom shows that momentum turned bearish as well.

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