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Weekly SP-500 Trend Commentary

|Includes: SPDR S&P 500 Trust ETF (SPY)

see more at mybestfunds.com

*** Status: Market Bullish – Sector/Index Funds ***
 
The SP-500 Index continued up this week and moved through the ~1225 resistance level on Friday. The general market trading filter I use (SP-500 53 day CCI) is at +140 indicating Market Up which is up from +104 last week. My multiple composite SP-500 indicators on the daily chart are both now Bullish with the Blau Ergodic Composite Indicator bullish and the MACD composite indicating an up trend. The SP-500 index is down ~11% from the recent May high of 1370. The CCI(53) indicator for all the indices on the right of this page are now all bullish with the exception of the IEF bond ETF further indicating the shift from bonds to stocks.
 
The Guppy Plot for the SP-500 Index looks to be continuing a transition, with the Fast moving averages starting to cross over the Slow moving averages. The average slope of the Fast Moving Averages is positive, as is my main indicator, the average slope of the Slow Moving Averages. The ADX components are now bullish, and the Stoch has moved 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.
 
Rankings:
This week's Rankings continue have transitioned to have Sector and Index 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 Bullish
AAII Sentiment 36% Bullish / 29% Neutral / 35% Bearish
Investors Intelligence: 36% Bullish / 41% Bearish
Barchart: 64% Buy (last week 24% Sell)
Bulkowski: Bullish (CPI= 97% - last week 99%)
Buy-Don't Hold: Buy (4)
Consensus Traders: 62% Bullish / 20% Neutral / 18% Bearish (NYSEARCA:SPY)
MyPlanIQ Trend Score: +0.09% (SPY -0.52% last week) 
10 DMA New High - New Low RatioBullish (see Chris Perruna for explanation)
Pattern TrapperBullish (SPY)
Stock TA (SPY): Neutral
Stock TrendsWeak Bearish
TimelySetupShort
Wishing WealthUp Trend
TheWizard: Less Bearish (SP-500 Long Term Signal)
dshort.com: Cash (Note - monthly SP-500 10-EMA signal)
 
Click on Charts to Enlarge


SP-500 Daily Chart for October 22, 2011
SP-500 Daily Guppy Chart for October 22, 2011