Daily S&P 500 INDEX TRACKER

[peat]

yes a couple of hourly hammers suggested a support level
but currencies have turned, stocks wont be far behind.
Risk now off.
I wonder how much ammo the PPT has left. Done a good job so far in keeping things up.

[ananda77]

Trader Update -data point 11 November 2010-

...from a bullish bias: based on todays market internals the positive buying divergence towards session end continues and the SPX 500 closed again well above the November 03 High *1200

...a more bearish view: the positive divergence was not broad based and as a result, the SPX 500 closed down -5, moving further away from the *1222 positive/negative inflection point

...while the markets remain severly over-extended in the weekly 3-month/6-month time frames, the daily 3-month has started to correct but remains still in extension territory -1 rally and the market goes back to square one-

...as a result, more down side price action is likely with *1198/*1190 as attractive downside targets, followed by the October 27 key support level *1172 in a potential surprise downside move

...price action below *1198/*1190 indicates further weakness, while a Close above the *1222 inflection point would indicate the continuation of the recent bullsih advance

-!- 25 November 2010: US Thanks Giving -historically, all major markets rally one day before to one day after, while the 2nd. day after, markets are more likely to trade bearish -!-

Kind Regards

[ananda77]

...please make a donation to help pay OUR public debt

The End Of Liberty
http://www.youtube.com/watch?v=AQv-sdMCClQ

Kind Regards

[ananda77]

Trader update -data point 12 November 2010-

...the SPX 500 extending the corective pullback from November 5 Peak *1227. Todays violation of the *1200 psych barrier indicates risk of mild follow-through lower before turning

...allow for brief losses to affirm the November 1 Low *1178 or November 3 High *1172 as the next potential downside targets. A successful defense of *1172/*1178 is expected, which will provide the base for a rally into the *1250 level with potential to reach out to the August 2008 High *1313

...key support remains the October 27 Low *1172

Kind Regards

[Hoop]

I'm watching, very closely, one of my favorites sets of crosses on the SP500 that has been working for me quite well in the last 6 months or so... A cross up through the 10 day MA has been a reasonable signal to prime up some buys. Conversely, a cross down through the 20 day MA has been a signal to run for the hills. Very general indicators obviously. We're poised for a cross down through the 20 day MA ... I have a very, very itchy trigger finger indeed, but so far just 1 stop out of seven has fired but 5 are dangerously close ... Will this be a cashed up Christmas?

When using SMA20 I tend to use it with the Bollinger Bands......do you Belg?

[ananda77]

...just a few facts to remember:

-when oil first tested the $90/bbl level back in October 2007, the U.S. economy slipped into recession, without anyone knowing it, including the Fed, including the long list of Wall Street economists, many of whom are still in their seats today

-fact is that in both October 2007 and again in November 2010, the test of the highs was not confirmed by the financials

-negative Cisco surprise in both 2000 and 2007 proved to be leading indicators of the equity market

Kind Regards

[ananda77]

Trader update -data point 15 November 2010-

...the SPX 500 posted a decent bullish inside day rebound today from an extremely oversold daily RSI after completing the first half of a corrective pullback from November 5 High *1227 on Fridays Close *1194
so far, market internals show a bullish bias with advance/decline 2:1, but a small number of new Highs and selling still apparent. This makes the advance look unimpulsively lame ducky and suggest a second downleg in the pipeline further out
still, gains should continue to a challenge of November 5 Low *1215/November 7 Low *1222

...failure in that area should foster one more shallow pullback to affirm the November 1 Low *1,178 or the October 27 Low *1172, but a successful defense of this level is expected as a foundation for a rally into the *1250 level with potential to reach out to the August 2008 High *1313

...key support remains the October 27 Low *1172

Kind Regards

[Hoop]

Sorry Hoop, You lost me there.

Belg I know you use Bollinger Bands and watch for the squeezing of the bands to indicate a trend change movement. BB's have many other uses , you can fiddle around with them to suit your analysis.
Rule of thumb in recognizing uptrends.... when the index stays mostly between the top Dev line and the MA20 dotted line and vice versa.
As the MA20 gets broken regularly BB can aid you to which MA20 breaks is important and those which aren't.

Chart below:... the S&P500 as at 3.59pm today (US time) one minute before closing bell. I have shown just one aspect of the uses of BB that I'm interested in ATM and that is when the next bull market correction may occur using the examples marked in green as historical references.

EDIT: ATM today there is no falling of the bottom SD Bollinger Band line. This is the line I'm watching since that recent MA20 break which is hard to see on the chart (but see red circles). If the index moves down to meet the bottom band line and that band does not fall steeply then there's no problem as it would seem the present trend is still continuing but with a normal mild healthy correction.

[ananda77]

Trader update -data point 15 November 2010-

...the market will see some real turmoil this week as the C-RSI 30 danger line is being tested

...past historical movements indicate:

-possibility for the SPX 500 to drop to red trend line and still be in a longer term up trend

-a 45 to 90 point drop would still be in line with drops which would equate to 3.5% to 7.5% from Fridays *1199 Close


...prop traders, hedgies, and other large speculators supporting the market

Kind Regards

Videos:

-The Secrect of Oz http://www.zerohedge.com/article/sec...itical-complex
-Zeitgeist http://www.youtube.com/watch?v=1gKX9TWRyfs

[ananda77]

Trader update -data point 16 November 2010-

...as outlined in yesterdays update, the SPX 500 extended the corrective shakeout from the November 5 High *1227 to an intraday Low *1175 so far, within striking distance of the October 27 Low *1172. Judging by the aggressiveness of todays setback, further losses are possible, but prices should stabilize at the 50-day MA current *1157 level

...expect prices to stabilize between the October 19 Low *1160_October 27 Low *1172 with a broad consolidation into year-end between *1160/*1227

...a bullish breakout above the November 5 High *1227 in Q1 2011 would set the market up to higher into the *1250 level with potential to reach out to the August 2008 High *1313

Kind Regards

Videos

-The Secrect of Oz http://www.zerohedge.com/article/sec...itical-complex 16 November 2010
-The End Of Liberty http://www.youtube.com/watch?v=AQv-sdMCClQ 12 November 2010
-Zeitgeist http://www.youtube.com/watch?v=1gKX9TWRyfs 03 November 2010