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Weekly SP-500 Trend Commentary

May 07, 2011 9:52 AM ETSPY
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mybestfunds's Blog
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*** Status: Market Cautiously Bullish – "Safe" Sector & Bond Funds ***
This was a week for correction in the markets.  The general market trading filter I use (SP-500 53 day CCI) is still positive at 94 indicating Market Up which is down from 190 last week. The index retreated but has settled at the previous support/resistance level of ~1345. We'll have to see if this holds over the next week. My multiple composite SP-500 indicators on the daily chart are still bullish with the Blau Ergodic Composite Indicator bullish, and the MACD composite bullish. It is interesting to note that all the indexes, as well as the bond fund remain  bullish as indicated by the CCI(53) values as the right of this page.
The Guppy Plot for the SP-500 is Bullish, with the Fast moving averages above the slower moving averages. The average slopes of both the fast moving is now negative, but may only be indicative of the pull back before heading higher. The ADX components are barely bullish and the Stoch is moving down. Overall, caution is indicated.
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 still show a lot of “safe” sectors at the top such as Healthcare, and Telecomm and Bond funds.  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:  36% Bullish / 33% Neutral / 32% Bearish
Barchart: 32% Buy (last week 100% Buy)
Bulkowski: Bullish (CPI=71% last week 84%)
Buy-Don't Hold: Buy (2)
Consensus Traders: 58% Bullish / 20% Neutral / 23% Bearish (SPY)
INO.com: Uptrend (SPY)
MTR Investors Market Timing Model: Market Up
MyPlanIQ Trend Score: 7.05% (SPY 8.16% last week) 
My Trend Timer: Bullish
Pattern Trapper: Bearish (SPY)
Stock Trends: Bullish
Wishing Wealth: Up Trend
TopStock Portfolios: Neutral
dshort.com: Invested (Note - monthly 10-EMA signal)
Click on Charts to Enlarge
SP-500 Daily Chart for May 7, 2011

SP-500 Daily Guppy Chart for May 7, 2011

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