Daily S&P 500 INDEX TRACKER

[ananda77]

Trading Environment:

-the SPX 500 remains in very strong bullish territory
-Long Term Trending Fed. Liquidity and Foreign Liquidity Inflows in High Expansion Territory
-Institutions increasing accumulation (higher high ends technical downtrend) (chart on http://www.spx500dailyindextracker.blogspot.com)

Confirming Short Term Strength

-Leadership stock ratio higher, reading +3.48 advantage to bulls
-C-RSI 9 above C-RSI 30 _ C-RSI 4 above C-RSI 9

Caution: intraday liquidity flows at extreme levels

Trader Update - data point 18 February 2011 -

..the SPX 500 in striking distance of the 75% retrace of the 2007-2009 Break *1348_current *1365 upper channel resistance on the 1-yr weekly trading set-up. So far in today's session, the market continued higher - no mucking around -setting another 52-wk High *1344 intraday so far

...the index now in key resistance territory, a platform from where a sharp, bearish strike may be delivered to an overly complacent trading community. The logic of a 'Lock-In profit' strategy makes sense, subject to further development. *** Bingo ***

Kind Regards

visit: http://www.spx500dailyindextracker.blogspot.com for morning session updates

[ananda77]

Caution: Today's Divergent Session Internals (Display on http://www.spx500dailyindextracker.blogspot.com)

Kind Regards

[Entrep]

Markets did the same thing for a day or two with Egypt recently and look how we recovered. Not to say I won't be watching things closely.

[Hoop]

Markets did the same thing for a day or two with Egypt recently and look how we recovered. Not to say I won't be watching things closely.

Spot on Entrap.


Refering to the DOW S&P500 etc ..its been a common topic lately that a bull market rally is nearing its correction point...so any excuse will do

[ananda77]

Trader Update - data point 22 February 2011 -

Trading Environment:

-above the February 10 Low *1311, the bullish bias remains intact
-a Close below *1311 signals potential weakness ahead
-futures signal support at February 7 High *1322

Today 's Session:

...the SPX 500 slowly burning down to the February 10 *1311_August 2008 Peak *1313 firebreak. A successful test would keep bullish sentiment burning and confirm, the long weekend bear strike contained with a bullish first dip buying splash

...past the firebreak, risks for further downside are substantial featuring the January 28 High *1303 as the next target initially

Kind Regards

visit: http://www.spx500dailyindextracker.blogspot.com for morning session updates

[Entrep]

Hmmm, seeing a little bit of late session buying (as seen in recoveries over the past few weeks). Would want to see another full session down finishing near the lows in order to consider going short and a finish under 1300. As it is I am out of all my US positions though - happy to take profit. Half decent finish in the US today might give me a chance to lighten up on my AU positions today too.

[ananda77]

Trader Update - 23 February 2011 -
Trading Environment:

-market remains in Up-condition
-Long Term Trending Fed- and Foreign net-Liquidity Inflows in high expansion territory with a chunky downtick
-new lows: 14 signal no panic selling for now

Confirming short-term weakness:

-C-RSI 9 below C-RSI 30 _ C-RSI 4 below C-RSI 9
-Leadership stock ratio reads +0.43 very low positive bullish advantage


-breakout needs to be confirmed with 22.6_23.9 being top resistance levels for a sideways range (chart on http://www.spx500dailyindextracker.blogspot.com )

Today's Session:

...the SPX 500 extending its slide with a violation of the February 10 *1311_August 2008 Peak *1313. at present testing the January 28 High *1303

...if the index is unable to bounce off coinciding lower channel support on the dly. 3-mth trading setup, expect further downside for a test of the February 3 Low *1294_February 1 Low *1286 support range

...a successful defense in the *1294/*1286/*1283 support range is expected, providing the foundation for another 6-8 week rally towards upper channel resistance current *1366; potential to reach out to hit the *1420 measured objective

Kind Regards

[ananda77]

Update - data point 24 February 2011 -

Trading Environment:

-SPX 500 remains in Up-condition with positive strength (chart on http://www.spx500dailyindextracker.blogspot.com)

-institutions essentially neutral (chart on http://www.spx500dailyindextracker.blogspot.com)

-Long Term Trending Fed- and Foreign net-Liquidity Inflows in high expansion territory 'weakening'
-New Lows: 24 remain below danger 26-zone
-Index futures bounced off the *1294/*1286/*1283 support range
-Bias returns positive above *1320 Close


Confirming short term weakness:

-C-RSI 9 below C-RSI 30 _ C-RSI 4 below C-RSI 9
-Leadership stock ratio reads +0.11 very low positive bullish advantage

Today's Session:

...the SPX 500 within striking distance of the *1294/*1286/*1283 support range, currently holding the *1300 Psych barrier

...chances are, the index will follow script to go through a brief test in the support zone, before resuming its upward trajectory. However, the index needs to clear the February 23 High *1322 on a Close basis to reassure an irritated market

...on the flipside, a closing violation below lower channel support in the dly. 6-mth. trading set-up would signal a deeper correction is already underway targeting the current *1259 trend line support in the wkl. 1-yr. trading set-up


Kind Regards

[ananda77]

Trader Update - data point 25 February 2011 -

Trading Environment:

-SPX 500 remains in Up-condition with positive C-RSI 7.07 strength
-Long Term Trending Fed- and Foreign net-Liquidity Inflows 'weakening' in high expansion territory
-New Lows: 15 remain below danger 26-zone

-institutions in light distribution - danger zone - (chart on http://www.spx500dailyindextracker.blogspot.com)

Confirming short term weakness:

-C-RSI 9 below C-RSI 30 _ C-RSI 4 below C-RSI 9
-Leadership stock ratio reads +0.08 dangerously low positive bullish advantage

Caution: market today needs to build on yesterdays improving tone with a VIX below 20 into the Close

Today's Session:

...the SPX 500 working its way up from the February 24 Low *1294 into the February 23 *1322 resistance_!325 congestion, in what appears to be the first leg of a corrective bounce

...a Close today above *1325 congestion will increase probabilities for the index to go to the races towards upper channel resistance current *1366 in the dly. 6-mth. trading setup, potential to reach out to hit a *1420 measured objective without looking back

...however, risk are high, for the index to fail the February 23 *1322 resistance_!325 congestion. The subsequent down draft would target lower channel support current *1286 in the dly. 6-mth. trading setup, potential to spike down to January 30 High *1275

...a successful defense of *1286/*1275 is expected which should provide the foundation for another rally into June with upper channel resistance current *1366 in the dly. 6-mth. trading setup; potential to reach out to hit a *1420 measured objective

Kind Regards

[ananda77]

Trader Update - data point 28 February 2011 -

Trading Environment:

-Instistutions moving along 'higher Low' trend, back in light accumulation (chart on http://www.spx500dailyindextracker.blogspot.com)
-Long Term Trending Fed- and Foreign net-Liquidity Inflows with an uptick in high expansion territory
-a VIX into Friday Close 19.22 introduces positive bias into market; the Saudi 'Day of Rage' proposed at March 11, a potential negative spike event ahead
-New Lows: 9 remain below danger 26-zone

Confirming short term weakness:

-C-RSI 9 below C-RSI 30 _ C-RSI 4 below C-RSI 9
-Leadership stock ratio reads +0.79 low positive bullish advantage

...the SPX 500 managed to move past the February 24 Low *1294 into the February 23 *1322 resistance_!325 congestion with an intraday High *1329 so far. Market internals are contructive but some selling stalled today's advance so far

...a Close above todays *1329 will set the index up for a re-test of the February 18 Peak *1344 before risks of downturn are again high

...on the flipside, if the index remains unable to settle above *1329, risks are high for a subsequent down draft that would target lower channel support current *1284 in the dly. 6-mth. trading setup, potential to spike down to January 30 High *1275

...a successful defense of *1286/*1275 should provide the foundation for another rally into June with upper channel resistance current *1366 in the dly. 6-mth. trading setup; potential to reach out to hit a *1420 measured objective

Kind Regards