Tuesday, September 15, 2009

Weekly Review of Stockcharts.com Publishers' Charts

A day late on this although Monday didn't change the picture a great deal. Didn't see anything new from Anthony Caldaro of Objectiveelliotwave. Yong Pan of Cobrasmarketview has more bearish signals in play for both short and intermediate time frames.


The lack of (recent) upside volume days - even for the September reaction low - is worrying


Keep an eye on bearish wedge resistance


Would not be surprised if the S&P made it to 1,246 - will we see the rally extend all the way through to 'Santa' time?


Richard Lehman is looking a broader, upward, channels. Minor channel breaks yesterday.

9/14 -- It may not show as much on the Dow, but on the SPX and the small cap indexes, green lines are being hit and both the short and longer term picture are looking very vulnerable to me. Blue minis looked like they were breaking (and some actually may have) but the markets managed to hold off any material down move to rise up to the greens once again. They can crawl along the green lines and move upward even more, but the chance of a reversal is now getting very strong.

9/12 -- More indexes hit upper green channel lines and some resistance has now appeared. SPX hit upper greens on both hourly and daily charts. The Dow hit upper green on the daily. The small caps, most notably the RUT, had hit Thursday and went over the green lines slightly on Friday. The XTC has been on a streak, going right up through its green.

Since the green channels in both short and long term charts are already upchannels, exceeding the lines to the upside does not constitute a break, but represents a push or acceleration of trend. This may be happening, but we could also be seeing the peak of this move taking shape. The blue minis are rather narrow, and watching them will provide clues to a potential break southward.

9/10 - NOTE: I replaced DXO with OIL, but because they appear alphabetically, the OIL charts come after GLD rather than before.

The big development today was that all three of the small cap indexes hit their upper green short term channel lines, which should likely provide some resistance. The XTC sector index actually went up through its green, but was the only index to do that. The large caps aren't quite there yet, so there is a possibility that the small caps will overshoot as the large caps move up to the lines, but we'll see. Long term charts are also approaching the upper greens again...and the calendar is approaching October!!

Joe Reed reports the summary; missed the Sallie Mae news (yuck!)


The Nasdaq has made it past its 50% Fib retracement


Euro-dollar diverging - bad news for the dollar


I'll close with a link to Matthew Frailey's sample webcast report; it's from Sep 9th but it includes charts of intererst.


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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