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Weekly SP-500 Trend Commentary

|Includes: SPDR S&P 500 Trust ETF (SPY)
*** Status: Market Bearish – Bond Funds ***
The SP-500 Index was down again this week but still is range bound. The general market trading filter I use (SP-500 53 day CCI) is at -86 indicating Market Down which is a little up from -98 last week. My multiple composite SP-500 indicators on the daily chart are both now Bearish with the Blau Ergodic Composite Indicator indicating a bearish trend and the MACD composite indicating a down trend. The SP-500 index is down ~21.2% from the recent May high of 1370. The CCI(53) indicator for all the indices on the right of this page are now all bearish with the exception of the IEF bond ETF.
The Guppy Plot for the SP-500 Index remains  Bearish, with the Fast moving averages under the Slow moving averages. The Fast Moving Averages are now red again, indicating the fastest this set is now below the slowest moving averages in this group. The average slopes of the Fast Moving Averages as well as the Slow Moving Averages are both negative. The ADX components remains bearish, and the Stoch has moved lower.
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 continue to have Bond Funds and Short Funds 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:  33% Bullish / 21% Neutral / 47% Bearish
Barchart: 80% Sell (last week 88% Sell)
Bulkowski: Bearish (CPI= 0% - last week 29%)
Buy-Don't Hold: Buy/Hold (2)
Consensus Traders: 14% Bullish / 24% Neutral / 62% Bearish (NYSEARCA:SPY)
MyPlanIQ Trend Score: -7.21% (SPY -7.07% last week) 
10 DMA New High - New Low RatioBearish (see Chris Perruna for explanation)
Pattern TrapperBearish (SPY)
Stock TA (SPY): Bearish
Stock TrendsBearish
Wishing WealthDown Trend
TheWizard: Very Bearish (SP-500 Long Term Signal) Cash (Note - monthly SP-500 10-EMA signal)
Click on Charts to Enlarge
SP-500 Daily Chart for October 1, 2011

SP-500 Daily Guppy Chart for October 1, 2011