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Weekly SP-500 Trend Commentary

|Includes: SPDR S&P 500 Trust ETF (SPY)
*** Status: Market Cautiously Bullish – Sector Funds ***
 
This week the SP-500 gave a brief bearish signal via the CCI(53) and recovered.  The general market trading filter I use (SP-500 53 day CCI) is at 24 indicating Market Up which is down from 82 last week. The index bounced off the resistance level at ~1305, but it is not clear where it is going from here. My multiple composite SP-500 indicators on the daily chart are mixed, with the Blau Ergodic Composite Indicator now bearish, and the MACD composite still bullish.
 
The Guppy Plot for the SP-500 is back is still Bullish, but the Fast moving averages are crossing, and if they don’t recover, may cross down through the slower moving averages. The average slopes of both the fast moving is now negative and slow moving averages are barely remaining positive. The ADX components are now  Bearish and the Stoch is dropped.
 
We’ll see what the next week brings. We don't try to forecast the market here, rather we just monitor the current conditions and react accordingly. I hope you find this blog helpful. If you do, why not leave a comment.
 
 
Rankings:
This week's Rankings show a lot of “safe” sectors at the top such as Healthcare, and Telecomm. Also of note are some bond funds in the top rankings which seems to indicate investors are not completely bullish. Ranking scores are color coded to indicate positive ranking scores (rate of change / volatility) in green, and negative ranking scores in red. Overall the list is sorted by overall rank but the score that makes up the rank can be positive or negative depending on the recent rate of change. The full list of the funds that are ranked can be found under the Funds tab. Current Rankings of the Funds can be found under the Rankings tab.
 
Disclosure:
None
 
What Others are Saying (all free sites): Overall Cautiously Bullish
Advisory Sentiment: 55% Bullish / 16% Bearish
AAII Sentiment:  42% Bullish / 27% Neutral / 31% Bearish
Barchart: 32% Buy (last week 48% Buy)
Bulkowski: Neutral (CPI=55% last week 27%)
Buy-Don't Hold: Buy (2)
Consensus Traders: 35% Bullish / 21% Neutral / 44% Bearish (NYSEARCA:SPY)
Pattern Trapper: Bullish (SPY)
Stock TA (SPY): Neutral
Stock Trends: Bullish
Wishing Wealth: Up Trend
dshort.com: Invested (Note - monthly 10-EMA signal)
 
Click on Charts to Enlarge
SP-500 Daily Chart for April 16, 2011
SP-500 Daily Guppy Chart for April 16, 2011