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Weekly SP-500 Trend Commentary

|Includes: SPDR S&P 500 Trust ETF (SPY)
*** Status: Market Bearish – Bond Funds ***
Another week - another move down from the top of the channel. I don't modify the support/resistance lines I draw from week to week - it's remarkable that the SP-500 index moved up to the support/resistance area of 1345 and has moved back down. The general market trading filter I use (SP-500 53 day CCI) is at -56 indicating Market Down which is down from +87 last week. My multiple composite SP-500 indicators on the daily chart are now Bearish with the Blau Ergodic Composite Indicator and the MACD composite indicating a down trend. The SP-500 index is range bound and is down ~6.1% from the recent May high of 1370. The CCI(53) indicator for all the indices on the right of this page are mixed, but in general the major indices are bearish/weak and the IEF bond fund is bullish.
The Guppy Plot for the SP-500 is turning Bearish, with the Fast moving averages starting to cross below the Slow moving averages. The Slow Moving Averages are still a bit compressed, but the Fast Moving averages are moving down. The average slope of the Slow Moving Averages and Fast Moving Averages are now both negative. The ADX components are bearish and the Stoch is moving down.
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 are now showing Bond Funds, especially at the top.  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.
What Others are Saying (all free sites): Overall Bearish
AAII Sentiment:  38% Bullish / 31% Neutral / 31% Bearish
Barchart: 48% Sell (last week 56% Buy)
Bulkowski: Bearish (CPI= 12% - last week 62%)
Buy-Don't Hold: Buy (2 - near sell signal)
Consensus Traders: 31% Bullish / 24% Neutral / 45% Bearish (NYSEARCA:SPY)
Derek HernquistSlight Negative/Weak
MyPlanIQ Trend Score1.95(SPY 6.12% last week) 
10 DMA New High - New Low RatioBullish (see Chris Perruna for explanation)
Pattern TrapperBearish (SPY)
Stock TA (SPY): Neutral
Stock TrendsBullish
Wishing WealthUp Trend Invested (Note - monthly 10-EMA signal)
Click on Charts to Enlarge
SP-500 Daily Chart for July 30, 2011

SP-500 Daily Guppy Chart for July 30, 2011