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Weekly SP-500 Trend Commentary

|Includes: SPDR S&P 500 Trust ETF (SPY)
*** Status: Market Bearish – Bond and Short Funds ***
 
Overall it was a down week for the SP-500 falling -2.8%. The SP-500 has failed to move above the recent market support/resistance at 1264, as well as the 200 day simple moving average. The general market trading filter I use (SP-500 53 day CCI) is now at -3 indicating Market Down which is down from +64 last week. My multiple composite SP-500 indicators on the daily chart are now both bearish, with the Blau Ergodic Composite Indicator bearish and the MACD composite bearish. The SP-500 index is down ~12.8% from the recent May high of 1370. I've updated the CCI(53) indicators in Google Spreadsheet to utilize Google Finance quotes (Yahoo Quotes no longer worked). Unfortunately, all are working except SPY which is frustrating. I'll work on this a bit more to see if I can get it working again. 
 
The Guppy Plot for the SP-500 Index again in a transition state, with the Fast Moving Averages moving down through the Slow Moving Averages. The average slope of the Fast Moving Averages is now below zero, and my main indicator, the average slope of the Slow Moving Averages, is also negative. The ADX components are bearish, and the Stoch is dropping.
 
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 are showing Bond and Short Funds at the top which indicates a more bearish market.  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 40% Bullish / 26% Neutral / 34% Bearish
Investors Intelligence: 45% Bullish / 31% Bearish
Barchart: 24% Sell (last week 72% Buy)
Bulkowski: Neutral (CPI= 58% - last week 85%)
Buy-Don't Hold: Sell (0)
Consensus Traders: 35% Bullish / 18% Neutral / 46% Bearish (NYSEARCA:SPY)
MyPlanIQ Trend Score: -2.06% (SPY +1.94% last week) 
10 DMA New High - New Low RatioBearish (see Chris Perruna for explanation)
Pattern TrapperBearish (SPY)
Stock TA (SPY): Neutral
Stock TrendsBearish
TimelySetupNeutral 
Wishing WealthMarket Down (GMI-2 = 0/6)
TheWizard: Less Bullish (SP-500 Long Term Signal)
dshort.com: Invested (Note - monthly SP-500 10-EMA signal)
 
Click on Charts to Enlarge
SP-500 Daily Chart for December 17, 2011
SP-500 Daily Guppy Chart for December 17, 2011