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Stock market technical analysis, chart trend analysis, and chart pattern recognition.
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  • 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
    4.77%HRBBlock H&RConsumer Discretionary
    4.24%CEPHCephalon Inc.Health Care
    3.94%MUMicron TechnologyInformation Technology
    Weekly S&P 500 Loosers
    -8.51%ODPOffice DepotConsumer Discretionary
    -8.08%MBIMBIA Inc.Financials
    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!
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