Daily S&P 500 INDEX TRACKER

[Phaedrus]

[peat]

you sure there are no yellow spots Phaedrus ? ;+)

I guess the strength of the recent advance takes a similarly large correction for the MSI to turn bearish as with trending systems such as Ichimoku where on the daily there is still thick cloud support some way below current price.

[ananda77]

Trader update -data point 17 November 2010-

...the SPX 500 trading modestly higher intraday amidst mixed market internals showing signs of stabilization, but

%SPX 500 stocks above the 50-day MA *70 still remain in high territory to be a real buying opportunity

...as a result, the corrective shakeout from the November 5 High *1227 is likely to have more downside with the October 27 Low *1172_the October 19 Low *1160_the 50-day MA *1157 as imminent nearby targets

...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 2011would set the market up to higher into the *1250 level with potential to reach out to the August 2008 High *1313

Kind Regards

-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

[ananda77]

Trader update -data point 18 November 2010-

...broadbased and bullish, in terms of volume_adv/decl, the SPX 500 gapped open sharply higher. New highs readings of 88 and muted uptick power however warn that the market needs to follow through strongly.
If the market is unable to eclipse the *1203/*1207 congestion by Fridays Open, risk increases substantially for another move down for a stronger test of support between the October 27 Low *1172_the October 19 Low *1160_the 50-day MA *1157.

...if so, look for a broad consolidation into year-end between *1160/*1227 up from the October 19 Low *1160_October 27 Low *1172

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

Kind Regards

-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

[ananda77]

Trader update -data point 19 November 2010-

...the SPX 500 moderately lower with downticks causing no damage so far, but if the market remains unable to eclipse the *1203/*1207 congestion today or early next week, risk increases substantially for another move down for a stronger test of support between the October 27 Low *1172_the October 19 Low *1160_the 50-day MA *1157.
-todays market internals feature selling pressure with a lower new highs number- %Stocks above the SPX 500 50-day MA back to *70 -hardly a bargain level- weekly 6-month time frames remain overextended and the weekly 1-year frame elevated

...if so, look for a broad consolidation into year-end between *1160/*1227 up from the October 19 Low *1160_October 27 Low *1172

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

Kind Regards

-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

[ananda77]

Trader update -data point 19 November 2010-

...for eight weeks in a row, prop desks, hedgies, and Fed_Foreign dominated liquidity inflows into the equity market, but of late, these participants have been stealth sellers, while the general public really piled it on...

Kind Regards

[winner69]

Belg ... this guy now talking about cliffs
http://www.hussmanfunds.com/wmc/wmc101115.htm

is interesting that (quote) On the NYSE, hundreds of stocks achieved new 52-week highs, but ended down on the week, with technical evidence suggesting a uniform reversal from a "high pole" buying climax. The percentage of bullish investment advisors reached 48.4% - the highest since the April peak, while the AAII sentiment poll shot to 57.6% bulls - the highest since 2007.

Fun ahead methinks

[ananda77]

Belg ... this guy now talking about cliffs
http://www.hussmanfunds.com/wmc/wmc101115.htm

is interesting that (quote) On the NYSE, hundreds of stocks achieved new 52-week highs, but ended down on the week, with technical evidence suggesting a uniform reversal from a "high pole" buying climax. The percentage of bullish investment advisors reached 48.4% - the highest since the April peak, while the AAII sentiment poll shot to 57.6% bulls - the highest since 2007.

Fun ahead methinks

...its US Thanksgiving Week and historically the weekly SPX 500 performance as follows:

Table above shows the S&P 500′s (weekly) performance during Thanksgiving Day week (‘Weekly Returns‘), the number of sessions (‘No. of sessions‘), the maximum gain (‘Max. Gain‘) and maximum loss (‘Max. Loss‘) during the week (close-to-close basis), and the respective previous (‘Prev. Week‘) and next week’s (‘Next Week‘) performance, assumed one went long on close of Friday prior to Thanksgiving where the S&P 500 was up month-to-date in the past

Interesting to note that with respect to Thanksgiving Day week where the S&P 500 was up month-to-date on close of Friday prior to Thanksgiving, the S&P 500 showed a positive weekly performance on 27 out of the last 37 occurrences (or 72.97% of the time); did not post a single lower close below option expiration’s close on 15 out of the last 37 occurrences; and finally posted a weekly loss greater than -1.0% on only 3 occurrences (max. loss -1.56%), but a weekly gain greater than +1.0% on 18 occurrences

Conclusions:

From a statistical and historical point of view, there is a good chance (and a significantly above-average expectancy as well) that the market will probably continue its up-move during Thanksgiving Day week

winner69: that's not to say I disagree with the fundamental guys

Kind Regards

[ananda77]

Trader update -data point 22 November 2010-

...basically unchanged from November 19. The market needs to establish a base *1182/*1184 to avoid the slide down to the *1160 level

Kind Regards

[Hoop]

Quite a good fightback today to end in the current "safe zone" ... But I'm still not feeling that safe!

Me neither..
Rally Correction in progress methinks.....the question now is...how big is it going to be -5%..-10% before it rallies again ???