Thursday
11Mar2010
SPX 60 Min den of bearish divergences
Thursday, March 11, 2010 at 8:00AM 
Notice the three bearish divergences in the MACD on the 60 min SPX Chart
tagged SPX
SPX Entries in SPX (16)
Thursday, March 11, 2010 at 8:00AM Thursday
11Mar2010
Jump on this train!
Thursday, March 11, 2010 at 7:16AM 
CPC has moved into Very Bullish terriotory which means the market is heavily skewed to the bullish side. What happens when the everyone and their mother is bullish. The market goes the other way!
This uber-bullishness is show in the NYTV total ratio chart I've been showing you. Now 75% of the market is moving up. That means 3/4 of the market volume is up, this can't continue forever that is fo' sho.
Check out Serge over at ETF Corner's look at the Bull Train
The market is way overbought and bullish, I am still saying that we are seeing a top being put in and that we should move down from these levels.
tagged CPC, SPX in Market Internals
CPC, SPX in Market Internals Monday
08Mar2010
SPX failing at longer-term resistance
Monday, March 8, 2010 at 8:45PM Today the market formed a doji as the bulls were unable to get above 1141.05. When looking at the daily chart it is hard to see where the resistance is coming from at 1141. It is only when you zoom out to a weekly chart that see what is acting as resistance at 1141.
The 1141 level is the 200EMA for the weekly SPX chart. This moving average has acted as previous resistance as well. It contained the rally in January and looks to be trying to contain it again. SPX is also being contained by the down trendline that begins in Oct and connects to the January high.
If we zoom out even further to the montly SPX chart, there is a pair of moving average that are acting as resistance. On the monthly SPX Chart 50 Day EMA is at 1145 and the 89 EMA is at 1149. These moving averages like the weekly 200EMA capped the rally in January.
Here is the daily chart showing today's doji and the 1141-1145 resistance level. Also notice the overbought Stoch that matches the overbought observation from the post below.
I mentioned Friday in pre-market (see Friday's post) that the top should be around 1135, I still think we are seeing a topping process and there may be a short-term move to 1145-1150 but the market won't close at those levels.
tagged SPX
SPX Friday
05Mar2010
Jobless Charts
Friday, March 5, 2010 at 7:34AM SPX Daily Chart: Will be watching the 1131 level as resistance.
SPX Weekly: Watching the down trendline since the start of this bear market
NYSI: This oscillator is nearing a turning point, just have to wait for the stars to align. See the green line for the last time the stars aligned
I am starting to think this market tops around 1135
tagged NYSI, SPX in Daily Charts, Market Internals
NYSI, SPX in Daily Charts, Market Internals Wednesday
03Mar2010
Are the bears wishing on an inverted shooting star
Wednesday, March 3, 2010 at 7:49AM
Yesterday SPX was rejected at the upper level of a resistance zone. Yesterday's inverted shooting star candle shows that the bull had control through out the day but before the close the bears increased the selling pressure and moved the market down.
Right now that is the only thing bearish about this market. Internals still are climbing. NYAD made another new high and the NYMO divergence was broken yesterday.
But one cavet to the bulls argument is NYMO is not in overbought territory and well as SPX Stoch. Watch for a pull back to 1100 for the next move in the market.
tagged NYAD, NYMO, SPX in Daily Charts, Market Internals
NYAD, NYMO, SPX in Daily Charts, Market Internals