Seeking Alpha

TrendSurfer's  Instablog

TrendSurfer
Send Message
Stock market technical analysis, chart trend analysis, and chart pattern recognition.
My company:
TheGreedyTrader Group
My blog:
Trend Rules
View TrendSurfer's Instablogs on:
  • Weekly Stock Market Overview - 12/31/2009
    All the major US indices were negative. For the week the Dow Jones Industrial Average dropped -92.05 points or -0.87%. The Standard & Poor's 500 Index dropped -11.38 points or -1.01%, while the Nasdaq Composite dropped -16.54 points or -0.72%. Read More ...
    The Technology sector was the strongest sector (-0.35%) last week followed by the Consumer Staples sector (-0.79%). The Industrial sector was the worst performing sector (-1.63%) of the week followed by the Utilities sector (-1.46%).
    The Technology sector is the most overvalued sector followed by Healthcare, while Information Technlgy Svcs, Drug Delivery, and Semiconductr-Memory Chips are among the most overvalued industries. The Consumer Goods sector is the most oversold sector followed by Industrial Goods, while Confectioners, Heavy Construction, and Beverages-Brewers are among the most oversold industries.
    Weekly S&P 500 Winners
    Gains/Loses(%)SymbolCompanySector
    4.77%HRBBlock H&RConsumer Discretionary
    4.24%CEPHCephalon Inc.Health Care
    3.94%MUMicron TechnologyInformation Technology
    Weekly S&P 500 Loosers
    Gains/Loses(%)SymbolCompanySector
    -8.51%ODPOffice DepotConsumer Discretionary
    -8.08%MBIMBIA Inc.Financials
    -6.87%PLDProLogisFinancials
    Jan 01 4:43 PM | Link | Comment!
  • Standard & Poor's 500 Index Wave Analysis
    The Standard & Poor's 500 Index is forming a rising wedge chart pattern. A rising wedge is generally considered bearish and it is usually found in downtrends. A rising wedge forms over a 3-6 months period. The current up trend is totally contained within the rising wedge. From low 666.75 on March 6th, S&P 500 surpassed 1000 in less than 6 months.
     
    The Elliott Wave count of the S&P 500 index is shown below. The wage has formed an A-B-C-D wave structure with the wave D currently in progress. Rising A and C waves have similar five sub wave structures with bearish divergence between sub wave 3 and 5. Wave B is a three-wave Zig-Zag correction. For the count to be correct, wave D must be forming a three-wave Zig-Zag correction at present. The support line is now near 970.
     
    The first leg up (wave A) was a sharp advance from 666.75 on March 6th to 956.23 on June 11th. The second leg up (wave C) advanced from 869.35 in July to 1039.47 in August (41% shorter than wave A). If support holds, the next up leg could reach the resistance level around 1075 in the beginning of October.
     
    A rising wedge chart pattern technical targets are usually derived by subtracting the height of the pattern from the eventual breakout level. If wave D breaks the support line, the technical target is around 770.

    Standard & Poor

    Disclosure: no positions

    Sep 07 5:00 PM | Link | Comment!
  • S&P 500 technical indicators

    The Standard & Poor's 500 Index gained more than 12.7% since July 8th, and almost 47% since March 6th, reaching 979.8 on Friday, the highest level since November 5th, 2008. Daily Lane's Stochastic, Williams' % Range and Relative Strength Index are overbought/strongly overbought for all three major US indices. Weekly Williams' % Range is strongly overbought, signaling that market is moving too fast in a weekly time frame as well; and the rally may not be sustainable for a long period. 109 out of S&P 500 members are overbought, 51 stocks have daily MACD bearish divergence, indicating that the rally is already slowing down. The next resistance level for S&P 500 index is around 993. Considering overbought technical indicators, it would be difficult to break this resistance level; and chances are high that the stock market trend may reverse soon.

    S&P 500 chart

    Jul 25 5:46 PM | Link | Comment!
Full index of posts »
Latest Followers
Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.