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

Wednesday, October 25, 2017

$SPY Pattern and Trend

The futures are starting the day by testing channel support:

We already mentioned the similarities with Feb-Mar '17.
Lower support levels at 2554 and 2540.
Note that the CIT Time indicator at the bottom is turning bearish.

Monday, October 23, 2017

Market Breadth

Market breadth is peaking at levels associated with overbought readings in the recent past:

Saturday, October 21, 2017

$SPY Pattern and Trend

Strong momentum propelled the futures to new highs on Friday:

Weekly channel upside target at 2580, Sq9 support/resistance levels at 2550/2595.
Pivot line at 2560.

SPY painted a classic hammer candlestick and, time-wise,  the current upswing is getting overextended, showing some similarities with Feb-Mar '17:

Wednesday, October 18, 2017

$SPY Pattern and Trend

So far, short opportunities have been few and far between in 2017, and shallow pull-backs have presented better long entry points:

Tuesday, October 17, 2017

$DIA Momentum

DJIA quarterly momentum readings going back to 1950:

The historical perspective shows that momentum can run strong for prolonged periods of time.

Saturday, October 14, 2017

$SPY Pattern and Trend

The index came within a quarter of a point from our weekly upside target of 255.5, and the trend remains up:

Next week's upside target is 256, pivot line at 254.65

Market breadth has hit rock bottom which, after the bottoming process is done, usually precedes higher prices:

Wednesday, October 11, 2017

Tuesday, October 10, 2017

$SPY Pattern and Trend

The week started with a third inside day (compared to Wednesday, 10.4.17), with the index trading above the trend-line and pivot bars:

For swing traders, the High and Low of 10.4.17 define the short-term long/short breakout levels to watch.

Sunday, October 08, 2017

SPY Pattern and Trend

The week finished with an inside day, slightly exceeding the upside target. The daily trend remains up, the new upside target moved to 255.5:

The pivot line is at 253, and support at 251.

There are signs of weakening in trend and momentum readings:

Bullish sentiment decreased slightly despite rising weekly prices:

Thursday, October 05, 2017

SPY Pattern and Trend

Despite lingering concerns about market breath, the futures continue trading above the channel and are pointing to a higher open:

Channel support at 2535.

Wednesday, October 04, 2017

$SPY Pattern and Trend

The negative divergence, developing between price and market breadth after a prolonged upswing, should be a reason for concern:

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