Weekly SP-500 Trend Commentary
Seeking Alpha Analyst Since 2010
*** Status: Market Cautiously Bullish – Sector Funds ***
For the second week in a row, 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 107 indicating Market Up which is up from 24 last week. Again the index bounced off the resistance level at ~1305, but it is still not clear where it is going from here. My multiple composite SP-500 indicators on the daily chart are bullish again with the Blau Ergodic Composite Indicator recently turned bullish, and the MACD composite still bullish.
The Guppy Plot for the SP-500 is Bullish, with the Fast moving averages turned back up and are now above the slower moving averages. The average slopes of both the fast moving and slow moving averages are again positive. The ADX components just crossed into a a bullish pattern and the Stoch is moving up.
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.
This week's Rankings show a lot of “safe” sectors at the top such as Healthcare, and Telecomm. 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.
What Others are Saying (all free sites): Overall Bullish
AAII Sentiment: 32% Bullish / 37% Neutral / 31% Bearish
Barchart: 96% Buy (last week 32% Buy)
Bulkowski: Bullish (CPI=90% last week 55%)
Buy-Don't Hold: Buy (2)
Consensus Traders: 46% Bullish / 21% Neutral / 32% Bearish (SPY)
MTR Investors Market Timing Model: Market Up
My Trend Timer: Bullish
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 22, 2011
SP-500 Daily Guppy Chart for April 22, 2011
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