Monday, April 06, 2009

Weekly Stock Charts review from Stockcharts.com Publishers

Bulls kept the pressure on as the broader picture continues to brighten for them. But the short term is looking increasingly toppy; although it's been like this for almost two weeks...

Yong Pan
has an interesting mix of neutral, overbought and oversold signals on the short term; maybe there is still something left in the tank for bulls?


I agree the % of 50-day MA stocks is looking rich, but others like the Advancers and VIX aren't looking too bearish


Resistance fast aproaching for the S&P down channel


But resistance continuation breakout from a symmetrical triangle on the SPY 15-min


The Accumulation count for the advance from March lows favours the bulls.


Tomas Leszczynski's ribbon analysis points to a first bounce


Will the 50% discount be enough to encourage buyers?


Interesting use of 20-day EMA's on indicators; whipsaw signals around the mid-line but not bad when EMA crosses occur at 35/65 level; current signal 'long'


Daily QQQQ against channel resistance:


Anthony Caldaro takes next ranking but EWT always spins my head around. I am assuming we are seeing a 3rd wave of an extended 5 as part of a larger ABC correction on the 60-min S&P; "A" looks set to end soon and a "B" could retrace to 720 or take it all the way back to 666.


On the daily Anthony has shown this as an abc, with 'c' shaping up now as part of the aforementioned ABC patern.


Richard Lehman keeps with the green channnels pushing higher. Agree with the money manager sentiment; it's not an attractive time to buy but the market keeps moving higher

4/3 -pm- Note: I'll be travelling outside the US for a few days so I've updated Friday's info below and will try to update Monday afternoon or evening. Meanwhile, I'll use airplane time to work on the web site, which is coming along well. Thanks to everyone for your e-mails and your patience.

4/3 -- Aside from a drop in Gold, most everything else held up today. The financials and techs are even pushing up through downtrend lines. Whether the broad indexes can follow is uncertain, but with the ST channels still heading up, it is certainly possible -- and will happen right away, since they are sitting on the upper lines already. Amazing how bullish everyone is on the way up, even when fundamentals on the economy have essentially not changed. I'm convinced this is not about belief in the economy turning as a fear of misssing the boat. Money managers I've spoken to say they hate buying here but virtually have to deploy cash if the market is rising. Prechter says we're in wave 2 heading toward 10,000 this summer, but then remember he is also calling for the market to then go over the edge into a long abyss. I just take it as it unfolds. Right now, we're toppy and overbought, but haven't broken a single line to the downside yet. I expect we will soon and the low on that decline will determine what the upchannel into summer will look like -- if that's where we're headed.

Joe Reed breaks it down:


No top yet for the S&P?


I haven't seen this used in a while but weekly candlestick analysis works nicely for the Summation Index; still time to be 'long':


Is that a nasty looking bear flag in the US Dollar Index? A break of 84 sets this loose:


Time to let the market decide...

Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.
 
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