Daily S&P 500 INDEX TRACKER

[ananda77]

Trader Update -data point 28 July 2010:

...the SPX appears to follow the script to affirm the July 13 High *1099 and so far has traded down to intraday Low *1103; chances are, the market may still look for further downside before heading higher to take out the June 21 High *1131 but *1099 is expected to limit the downside risk

...above *1131, trendline resistance current *1142 with potential to extend to the April 29 Low *1158 come into view as up-side targets

Long Term:

Kind Regards

[ananda77]

Trader Update -data point 29 July 2010:

...the market produced a bearish outside day in the SPX 500 index range *1116/*1093 and again closed above the *1100 at *1103

...the index at *1100 is at a crossroad and looking further out, the market would indicate readiness to take the high road:

-showing strength by trading above *1107 initially and closing above *1116

...on the flipside, the market would indicate readiness to take the low road:

-showing weakness trading lower towards the *1091 support and closing below the July 21 Low *1091

...the key decision rests on institutional buying/selling activity which at present points to decreasing selling- and weak accumulation levels

…furthermore, Long Term Trending Fed.- and Foreign Liquidity Inflows still remain in contraction territory and need to move into expansion for the current advance to become sustainable longer term and strong enough to take out the June Peak *1131

...nevertheless with the index still closing above the *1100 level, the *1090 support is expected to provide a short term floor and above *1131, trendline resistance current *1142 with potential to extend to the April 29 Low *1158 come into view as up-side targets

-position carefully-

Long Term:

Kind Regards

[Phaedrus]

[ananda77]

...8 of 13 foreign indices, 5 of 9 SPX sectors, the DOW/TRAN/NYA, and the NYAD (market breadth) all in confirmed uptrends. Expecting the other indices to join in this uptrend in early August (Tony Caldaro)

Kind Regards

[ananda77]

Trader Update -data point 2 August 2010:

...in a broad based advance, the SPX 500 index cleared the *1120 level to an intraday High *1127 setting the index up for the June Peak *1131/trendline resistance current *1142 challenge

...key levels to watch for weakness:

-falling back below the July 30 High *1116 initially and closing below the July 21 Low *1091

...key levels to watch for strength:

-closing above trendline resistance current *1142

...trading above *1142 is expected and will set the tone for further upside into the *1200 zone

Long Term:

Kind Regards and hopefully see you in September

[Phaedrus]

[trackers]

Wow first green since April (1/3 of a year), been a long time between drinks...

[Phaedrus]

Is that the green light for buying, or a skull pulling out the last of it hair?

In actual fact, it is a TA development of the Rorschach Inkblot Test. It means whatever you want it to mean. What do you see it as YK?

[Hoop]

Refer to my 30th June 2010 post #522 and chart

Chart update.
Since there is now an index rise occurring, therefore that 50% chance of a drop without a pullback is gone.
This makes the chances of a recovering rally double from 4% to 8% (Bulkowski)...although its positive news, 8% is still not good odds...and for the Bulkowski believers this would provide a second chance to sell out.

Pullbacks are dangerous as they can sometimes break back through key supports, enticing the unwary to re-enter ..then suddenly drop.

A continuing rally past 1120 would make me a little more optimistic that it would be a genuine rally....not another sucker rally type including the pullback behavioural feature.

Chart note the predicted red dotted line is not to scale.

Closed up at 1126..back in Bull territory
S&P500 Market posted a genuine rally against the TA odds...I can live with that

...yes Hoop, you are right, unless the *1120/*1130 level eats dirt

Kind Regards

A77..Its eating dirt as we speak

[ananda77]

A77..Its eating dirt as we speak

...yes Hoop. but still would not be without some sort of residual protection for a fully invested portfolio until the clay-ie area *1131/*1142 has dissolved; ...can not complain though about the bullish trade starting just above the *1070 level few weeks ago

Kind Regards