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Weekly SP-500 Trend Commentary

|Includes: SPDR S&P 500 Trust ETF (SPY)
*** Status: Market Bearish – Bond Funds ***
 
I spent most of this weekend at friend's wonderful cottage in Maine, so this weekend's up-date is  later than usual. Last week's sideways market has turned bearish.  The general market trading filter I use (SP-500 53 day CCI) moved down to -122  indicating Market Down which is down from 19 last week. My multiple composite SP-500 indicators on the daily chart are now both bearish with the Blau Ergodic Composite Indicator and the MACD composite indicating a down trend. The SP-500 is sitting at a key support level at 1300 -  down 5.1% from the recent May high of 1370. The CCI(53) indicators on the right on this page show are all bearish within only the IEF bond fund still strong.
 
The Guppy Plot for the SP-500 is now Bearish, with the Fast moving averages all crossed (red color) and starting to cross under the slower moving averages. The average slopes of the two sets of averages are are now both negative.. The ADX components are bearish and the Stoch is low.
 
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 now show Bond Funds on top with "safe haven" funds such as Healthcare, and Telecomm moving down.  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 tabCurrent Rankings of the Funds can be found under the Rankings tab.
 
Disclosure:
None
 
What Others are Saying (all free sites): Overall Bearish
AAII Sentiment:  30% Bullish / 36% Neutral / 33% Bearish
Barchart: 48% Sell (last week 16% Buy)
Bulkowski: Bearish (CPI= 0% last week 83%)
Buy-Don't Hold: Sell (0)
Consensus Traders: 22% Bullish / 25% Neutral / 52% Bearish (NYSEARCA:SPY)
INO.com: Weak Downtrend (SPY)
MyPlanIQ Trend Score6.05% (SPY 6.96% last week) 
Pattern Trapper: Bearish (SPY)
Stock TA (SPY): Bearish
Stock TrendsBullish
Wishing WealthDown Trend
dshort.com: Invested (Note - monthly 10-EMA signal)
 
Click on Charts to Enlarge
SP-500 Daily Chart for June 5, 2011

SP-500 Daily Guppy Chart for June 5, 2011